October 24, 2009 by Victoria Stankard

Owning your own home has always been considered the “American Dream’”and there has never been a better time to make that dream a reality. If you are a qualified owner-occupied home buyer who has not purchased a HUD home as an owner-occupant in the past two years, you may be able to purchase a Charlotte, NC HUD home with only a $100 down!

The $100 Down Payment HUD Home Program, utilizing FHA financing, has specifically designated HUD homes for sale in Charlotte, NC as well as other cities and states across the nation.

$100 Down Payment HUD Home Program Requirements 

In order to take advanatage of the HUD Home Program and purchase a home in Charlotte, NC with only $100 down, there are a few requirements:

  • Owner-occupancy – Buyer must live in the home as their primary residence for at least one full year.
  • Property type – Single family residence, town home, condos.
  • Purchase price – Buyer must offer HUD’s full asking price.
  • Loan types – FHA Fixed Rate 30 year, FHA Fixed Rate 15 year, FHA Secure 30 or 15 year, FHA Stimulus 5/1 ARM.
  • Buyer cannot finance closing costs, prepaids, etc. into the loan.
  • Income – Buyer must show enough income so that that their debt-to-income ratios are 31% /43%.
  • Maximum Loan Amount – Not to exceed $362,790.
  • Eligibility – Buyer/borrower must have a social security number and demonstrate two years of employment history. Permanent resident aliens and non-resident aliens must show proof of lawful residency issued by the Bureau of Citizenship and Immigration Services (BCIS).
  • Credit Score – Buyer must have a credit score of at least 580 (some lenders require a minimum of 620 or higher).
  • Bankruptcies and/or Foreclosures – Buyer must have a minimum of two full years since discharge of a bankruptcy and a minimum of three full years since a foreclosure.
  • FHA mortgage insurance is required on all loans.

Why FHA-insured Financing is Great!

Millions of Americans have obtained the “American Dream’” of home ownership utilizing FHA-insured financing. FHA-insured loans are safe, affordable, offer competitive interest rates and flexible credit qualifying.  With the $100 Down Payment HUD Home Program, it’s the perfect time to purchase a Charlotte, NC HUD Home with FHA-insured financing.

For more information about the $100 Down Payment HUD Home Program or to purchase a Charlotte, NC home with $100 down, contact Leigh Brown, real estate expert of Charlotte, NC.