Hud homes?

I'm looking for a house myself right now, and HUD has a program where if you buy a HUD home (a home that has been repossessed by FHA), instead of 3 percent down, you only have to come up with 100 bucks.

Most of these homes need work, but the FHA/HUD program these are a part of a program that allows you to take out up to an additional $35k for repairs as part of your loan. The only requirement for getting that additional money of up to 35k, is that you MUST be able to qualify for a FHA loan. Also many of these home come with Escrow money (a grant) for repairs as well.

In addition many of these homes are worth TWICE what HUD is asking for them.

This way the Parsons (and those like them) wouldn't have to struggle for a down payment. The Parsons should of been told about HUD homes both by their broker as well as by their lender.

In addition since the wife is a TEACHER, thier lender (and real estate agent) should of told them about the 'Good Neighbor' Program that HUD runs.

This is where if you are a Teacher, Fireman, or Police Officer, if you buy a HUD home, you only pay HALF the asking price.

So say a home's asking price for a HUD home is 150k, if you are a Teacher, Fireman, or Police Officer, you'd only have to pay 75k for that same home.

The HUD Good Neighbor program does not apply to all HUD homes. The ones that it is available on are usually not in a good area.

If you have a credit score of less then 600, you dont deserve a house.... regardless of what new special programs there are. These programs are only around HOPING for these kinds of people to buy a house they can't afford, just waiting for them to default on the loan.