$100 down homes!
HUD has approved (for the term of one year) a downpayment of $100 for FHA-Approved HUD homes for owner/occupants. Yes, that means that if you promise to live there, you can buy a home for $100 down, if the home qualifies under the FHA lending guidelines. These would be homes that have been foreclosed on, and most probably need some work.It is a tremendous opportunity for folks on the edge of their ability to take the BIG step from renting to owning. The ability to buy a home, live in it, improve it, gain equity in it and eventually own it will allow a lot of struggling families to get their first strong foothold to the next economic level. For this reason, I am pleased to see it.
I wonder, though, how many will take advantage of the opportunity for the short run instead of a long term project, or have need to sell in a short time and find themselves upside down in the home, spurring yet another round of foreclosures.
What are YOUR thoughts?
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