HUD Homes for Sale at $100 Down Payment - Not for $100

By
Mortgage and Lending with Guild Mortgage Co - Oak Harbor WA

There are listings of homes for sale by the Department of Housing and Urban Development (HUD), called HUD Homes on the HUD website. The great thing about these properties is that they are first offered to people in the Eugene/Springfield, Lane County Oregon area that are going to use them for their primary residence. If there is not enough interest, then they will be offered to anyone. As an owner occupied purchase, many of the homes on the website qualify for a $100 special down payment program. That is right, only $100 down and if the seller (HUD) pays the closing costs, that means you can get into a home with only $100 out of pocket. Here is an example of one of the HUD Homes currently listed on the website:

This property is located at 665 Irvington in Eugene and is priced at $136,000 and is only available to owner occupied, government agencies and non profit purchasers. If you don’t have a Realtor, call me and I will recommend an excellent one for you. They must be registered with HUD to be able to sell HUD Homes. For information about the FHA $100 Down financing program, call me for that. You can reach me (Fred Chamberlin) at 541-342-7576/541-221-3455 cell or by e-mail. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. I am your local lender. Call today.

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Tags:
hud homes
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oregon
real estate foreclosures
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Rainmaker
212,207
Tim Bradford
American Midwest Mortgage - Cleveland, OH
NMLS 250013

Fred,   We had this option for a few years.  However in Ohio the 100.00 Down option is going away effective 2/12/2010. 

Feb 10, 2010 04:16 PM #1
Rainer
153,689
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Sorry to hear that Tim. The program has always been regional, not every part of the country has it.

Feb 10, 2010 04:22 PM #3
Rainmaker
640,298
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

Fred, I'm thinking we don't have the program in our region.  The lender I use stays on top of programs and this is not one that she has talked about.  I have a client going through the USDA program right now.

Feb 10, 2010 09:42 PM #4
Rainer
153,689
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Hi Marchel, according to the HUD website, the program is available in Harris County. Take a look at this link: www.hud.gov

 

Feb 10, 2010 10:06 PM #5
Rainmaker
640,298
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

Fred, I looked at the site and realized I just rarely show these (we don't seem to have that many) and when I do they have not been that great a deal for the amount of work they need.  Should I have anyone who is interested in one in the future I will sure keep it in mind.

Feb 10, 2010 10:21 PM #6
Ambassador
2,036,880
Todd Clark
Keller Williams Realty - Beaverton, OR
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494

Wow, what a deal getting a home for the same price that you can get a 1 bedroom condo for in Portland. Maybe I should think about moving south.

Feb 11, 2010 02:08 AM #7
Rainer
153,689
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Marchel, we don't have very many here and they are often in need of repair, but combined with the 203k, this can be an exceptional opportunity.

Todd, you are always welcome, but then you could try this one in Beaverton, 9912 SW Trapper, http://69.174.246.153/listings/property-detail.do?list=2010-01-15&case=431-447118&code=OR, only $99,900. :-)

 

Feb 11, 2010 10:59 AM #8
Rainer
333,262
Paul Gapski
Berkshire Hathaway / Prudential Ca Realty - El Cajon, CA
619-504-8999,#1 Resource SD Relo

yes they look so nice but Foreclosures are such tough on to stomach.

Dec 20, 2011 09:47 PM #9
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Rainer
153,689

Fred Chamberlin

Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
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