Earlier in 2009 HUD put a nail in the coffin of one of the only stimulas packages that had ever been successful without spending your tax dollars and that was Down Payment Assistance offered by companies like Nehemiah. The way it was worded was to say that homes purchased using independent, not-for-profit down payment assistance on FHA home loans, in Georgia and around the nation, somehow magically had a higher foreclosure rate than homes purchased using taxpayer funded down payment assistance. It was not true but I digress.
Right now HUD homes can be purchased for only $100 down using FHA home loans in Georgia and other states. If you qualify for an FHA home loan and the home for sale you are interested in is a HUD home, foreclosed on by HUD as a result of a defaulted FHA home loan, you may use an FHA home loan and purchase that HUD owned home for only $100 down. There are other caveats as well such as a maximum of $5000 in repairs which much be completed within 10 days of purchase.
Call your area FHA mortgage lender, banker or broker now before this program is gone. You can always call me directly and I can point you to someone in the business in your area unless you are in Georgia where I can help you with your FHA home loan. My cell number is 678-439-8683 and you can phone me anytime.
— Ken Cook NMLS ID 208452