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dagouc
42 Posts |
 Posted - 04/30/2008 : 3:22:48 PM
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| looking for a lender for the $100 down payment (FHA - HUD properties) for customers with no fico score. |
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ZoolanderMSM
220 Posts |
Posted - 04/30/2008 : 3:30:19 PM
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| $100 down, no fico. Sounds like a risky proposition. You might want to look for hard money on that one. |
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slants
4301 Posts |
Posted - 04/30/2008 : 3:34:33 PM
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| Hard money w/ no down payment? Oxymoron? |
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SuzyFHA
16 Posts |
Posted - 04/30/2008 : 6:46:51 PM
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What State is the property in?
We have done them, but there's a pretty big hit to the pricing for no score.
Sue@ThinkFHA.net
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kalee3415
196 Posts |
Posted - 04/30/2008 : 7:21:36 PM
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Flagstar does the $100 FHA on HUD Repo program. No credit scores are fine and do not count in the below 580 limit. You can find info about it on their site and there is a drop down for it when you are registering.
quote:
Originally posted by dagouc
looking for a lender for the $100 down payment (FHA - HUD properties) for customers with no fico score.
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AK__47
812 Posts |
Posted - 04/30/2008 : 9:00:10 PM
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quote:
Originally posted by ZoolanderMSM
$100 down, no fico. Sounds like a risky proposition. You might want to look for hard money on that one.
That doesnt make any sense. |
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ladysammm
356 Posts |
Posted - 04/30/2008 : 9:04:57 PM
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| Hi, the 100.00 down is not lender program, it is HUD for certain properties in HUD REO. HUD posts any property that is eligible in a given state each Thursday at midnight and they come off that special list on Tuesday and go into all other REO section if no bids were made. You have to check each week for updates. |
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kalee3415
196 Posts |
Posted - 04/30/2008 : 9:12:57 PM
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Sure it does! Every now and then HUD come out with sale incentives for HUD repos that have to be purchased. In 2006 it was called "Home for the Holidays". It was $100 down payment for buying a HUD repo with FHA financing. Then 6+ months ago they started another campaign with $100 down and many times, options for a decorating allownace. It varys from state to state, but has been going on for a while. Our company has closed a few through vaious lenders.
quote:
Originally posted by AK__47
quote:
Originally posted by ZoolanderMSM
$100 down, no fico. Sounds like a risky proposition. You might want to look for hard money on that one.
That doesnt make any sense.
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kalee3415
196 Posts |
Posted - 04/30/2008 : 9:16:21 PM
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Of course it is an FHA/HUD program BUT not a lot of lenders participate in it. OP was looking for places to send them.
quote:
Originally posted by ladysammm
Hi, the 100.00 down is not lender program, it is HUD for certain properties in HUD REO. HUD posts any property that is eligible in a given state each Thursday at midnight and they come off that special list on Tuesday and go into all other REO section if no bids were made. You have to check each week for updates.
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slants
4301 Posts |
Posted - 04/30/2008 : 9:24:31 PM
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quote:
Originally posted by kalee3415
Sure it does! Every now and then HUD come out with sale incentives for HUD repos that have to be purchased. In 2006 it was called "Home for the Holidays". It was $100 down payment for buying a HUD repo with FHA financing. Then 6+ months ago they started another campaign with $100 down and many times, options for a decorating allownace. It varys from state to state, but has been going on for a while. Our company has closed a few through vaious lenders.
quote:
Originally posted by AK__47
quote:
Originally posted by ZoolanderMSM
$100 down, no fico. Sounds like a risky proposition. You might want to look for hard money on that one.
That doesnt make any sense.
I think he meant the advice to get a hard money loan for a HUD repo w/ $100 down makes no sense.
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ladysammm
356 Posts |
Posted - 04/30/2008 : 11:36:49 PM
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Assurity Financial Services. We fund Neighbor next Door and the HUD paid closing cost loans. FHA is our niche. No fico min with approve/eligible and manual UW with min 580
pam.kirchner@assurityfinancial.com Wholesale AE
FHA The Assurity Way! |
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AK__47
812 Posts |
Posted - 05/01/2008 : 04:57:49 AM
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quote:
Originally posted by slants
quote:
Originally posted by kalee3415
Sure it does! Every now and then HUD come out with sale incentives for HUD repos that have to be purchased. In 2006 it was called "Home for the Holidays". It was $100 down payment for buying a HUD repo with FHA financing. Then 6+ months ago they started another campaign with $100 down and many times, options for a decorating allownace. It varys from state to state, but has been going on for a while. Our company has closed a few through vaious lenders.
quote:
Originally posted by AK__47
quote:
Originally posted by ZoolanderMSM
$100 down, no fico. Sounds like a risky proposition. You might want to look for hard money on that one.
That doesnt make any sense.
I think he meant the advice to get a hard money loan for a HUD repo w/ $100 down makes no sense.
That is what I was talking about. |
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ehm3
979 Posts |
Posted - 05/01/2008 : 06:53:53 AM
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Flagstar has the program, but I believe it is retail only. $100 down, $2500 credit from HUD to either closing costs or repairs, and 3% allowable seller concessions. $500 bonus to the selling agent as well.
No credit score is acceptable with alt trades. Let me know if you have more questions. |
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