Detroit Real Estate

Livonia, Plymouth, Wayne County Homes for Sale

HUD Homes and $100 down payment

$100 down payment HUD Home Program Requirements

Michgan HUD Home programs - Metro Detroit HUD home programs.

Yes you can buy a Metro Detroit HUD home with as little as a $100 down! Are you ready to buy a Home, but don't have much money. Here is a way to buy a Michigan homewith a $100 downpayment in Michigan. The biggest downfall of this program is that you must make a full priced offer on the home. Then you can get 3% seller concessions to help pay your closing costs and if you need more you can get a gift from a family member.

You must get a FHA loan. FHA loans are a great way of getting a loan for your new home. Here is an in-depth FHA Loan explanation

Here are the requirements for Metro Detroit $100 down payment HUD Home Program

Owner occupancy	Primary Residence -- buyer must live in the home for at least one full year
Purchase price	Buyer must make full price offer to HUD (i.e. must offer HUD's full asking price)
Loan types available	FHA Fixed Rate 30 year, FHA Fixed Rate 15 year, FHA Secure 30 or 15 year, FHA Stimulus 5/1 ARM (Adjustable Rate Mortgage)
Income	Must be able to document enough income that your debt to income ratios are 31% / 43%
Maximum loan amount	$362,790
Property types	Single family residences, town homes, Planned Unit Development homes, condos
Credit Score	Minimum credit score is 580 Minimum 24 months since discharge of any bankruptcies; 36 months since any foreclosure
Eligibility	All borrowers must have a valid social security number. All borrowers must demonstrate 2 years of employment history. Permanent Resident Aliens -- Evidence of lawful, permanent residency issued by the Bureau of Citizenship and Immigration Services (BCIS), formerly the INS. • Copy of the Alien Registration Receipt Card (Resident Alien card), I-551 Non-Permanent Resident Aliens Primary residence Borrower must be eligible to work in the U.S. Evidence of valid Social Security number required Evidence of residency and work status to be obtained through documentation from US Bureau of Citizenship and Immigration Services (BCIS) formerly INS Copy of the Employment Authorization Card, I-688B. This card carries an expiration date. • A social security card is not acceptable as evidence of work status.
Reserves	There is no reserves requirement for the program

Mortgage Insurance	FHA mortgage insurance is required on all loans