Buy a Foreclosed Home with a $100 Down Payment in Texas

Want to purchase a home with $100 down payment?  It’s possible now through October 2012 to purchase a HUD-owned property for only $100.00 down payment and, in many cases, still get up to 3% closing cost assistance. 

This fantastic homebuying opportunity through HUD is only available for owner occupant purchases and the buyer will be required to use an FHA loan. 

HUD says buyers will have to pay the full current list price for the property and according to their website, there are 3 simple steps:

1.     Find a HUD home for sale

2.     Find a HUD-registered real-estate agent.

3.     Find an FHA lender.

As a HUD-registered broker in Texas, Texas Capital Properties would be happy to send you a list of available properties that meet your specific needs.  Contact us today for more information!

$100 Down HUD Homes in Texas

Last month, HUD brought back the $100 Down Payment Initiative for owner occupants purchasing a HUD Home with FHA financing.  This is a wonderful opportunity for buyers to purchase a home with little money out of pocket!

There are some requirements for this incentive program.  The property must be a HUD home and purchased by an owner occupant who will live in the home for at least one year.  The buyer must qualify for a loan through FHA financing or FHA Home Repair financing (203k).  The buyer must bid full asking price through a HUD-registered Broker/Agent.

HUD also allows for up to 3% toward closing costs if requested.  If you are interested in available properties, contact us today!

 

National Foreclosure Activity Showing Positive Signs

National Foreclosure Activity Showing Positive Signs

A U.S. Foreclosure Sales Report released by Realty Trac, shows some positive signs in foreclosure property activity.  The report revealed that homes in some stage of foreclosure nationwide represented 31 percent of all U.S. residential sales during the second quarter, which is down from 36 percent the previous quarter and up 24 percent from Q2 2010.

The average sales price of  homes in some state of foreclosure or bank owned was $164,217 in the second quarter.  That’s down less than 1 percent from the first quarter and down nearly 5 percent from the second quarter of 2010.

Pre-foreclosure/Short Sales  jump 19 percent

A total of 102,407 pre-foreclosure homes, also known as short sales, sold to third parties in the second quarter, an increase of 19 percent from the previous quarter.  However, that’s still down 12 percent from the second quarter of 2010. Pre-foreclosure sales accounted for 12 percent of all sales, the same percentage as in the first quarter but up from 10 percent of all sales in the second quarter of 2010.  Some of the states with the biggest quarterly increases in pre-foreclosure home sales included Texas with a 34 percent increase.

Contact us today if you have questions about the foreclosure or short sale process.   Texas Capital Properties

Search Foreclosures, HUD Owned Homes, Short Sales Online

Search Foreclosures online for FREE! Find valuable information and browse listings for foreclosures, short sales, HUD owned homes and distressed properties.

http://www.texasforeclosuresite.com/

Good Deals Can be Found with HUD’s Good Neighbor Next Door Program

For people who work in specific occupations, the FHA sellls houses at half the appraised value under its Good Neighbor Next Door Program.  Originally these homes were insured by the FHA and have been foreclosed on.  HUD is selling them now at a discount of 50% off the appraised value as part of this program.

Occupations that qualify include: Law Enforcement Officers, Pre-K through 12th Grade Teachers, Firefighters, and Emergency Medical Technicians. 

Eligible single-family homes located in “revitalization areas” are listed for sale under this program.  Properties are available for purchase through the program for 5 days.  In return, you must commit to live in the home for 3-years.  HUD also requires you to sign a second mortgage and note for the discounted amount.  No interest or payments are required on that second note as long as you fulfill the 3-year occupany requirement.

Read more about the REQUIREMENTS to participate in this program.

John Cotten/Broker
Texas Capital Properties
john@texascapitalproperties.com