Great program! I've close a lot of deals with this one. The home has to be in Really good shape and seller willing to do any repairs that the inspection might cite as "not passing". Thoe have to be done before closing.
Hope this helps. I would recommend you start looking for homes in January-February of 2013 so you can be assured to close by April. HUD owned homes take longer is you pick one of thoes. They do have the $100 down payment for the purchase of their FHA insurable homes. Great way to buy and receive a good deal.
Jackie Lovell, Artisan Realtors, Irvington area, (317) 332-7547
REMAX Legends Group
There are also programs offered by Wells Fargo and Regions that fall under the 0% down. Call around, call me if you need help calling around, and good luck!
Claire-Anne Aikman, SRES