The HUD program is offered on any house that is offered through the southwestalliance.com website. These home qualify for a $100 down program if you place a full price offer. The catch is where as on other FHA financing you can ask seller to contribute up to 6% closing cost in essence covering them all on these HUD properties you can only ask seller to pay 3% closing costs which puts you bringing the extra 2 to 3% to the table depending on the price of the home and you loan officer. However obviously you come out better than the normal 3.5% down.

The USDA program has a little more stringent guidelines ie credit scores, debt to income ratio and negative inquiries on credit are scrutinized more. As far as areas that qualify for this it is any house that is in a part of the county that is unincorporated by a larger city or any city that in the 2000 census was less than 10k people.

I have tried to use USDA once in Forney however the buyer didnt qualify in underwriting and we had to transfer to FHA. As far as the HUD homes I have handled many of those including the one I live in.

If you would like any more help and have not chosen a Realtor yet I would be happy to assist you in your purchase and as an added bonus I rebate 20% of my commission to my buyers.

RJ

Hi Erica!!

Did you ever look into the down pymt asst program for the City of Arlington??

What area are you looking to move too & what price range are you wanting to stay within??

I would be more than happy to assist you in finding a new home & asst for a down pymt!

Please feel free to call or email me at your convenience.

I look forward to hearing from you soon!

Make it a Blessed Day!!

Tamika Turner

Cell: (972) 697-1178
Email: HendricksonRealty@gmail.com

There is a program thru HUD for $100 down payment.

HUD is offering a $100 Down Payment Initiative. The $100 down payment is for owner occupants purchasing a HUD Home with FHA financing, with full price or higher offers. This incentive is also available to owner occupant purchasers who obtain a FHA Home Repair loan (203K) with a full price offer or higher. If the purchase price is greater than the appraised value, the purchaser must pay the difference between the FHA appraised value and the purchase price in addition to the $100 down payment. It's a great time to Purchase a HUD Home with FHA financing.

Talk to a realtor who knows about these programs. But you need to get preapproved first!!

I saw several falsities in the presentation.
It seems that these people simply 'allow' lenders access to their system to see a list of down payment assistance programs. I think they are in the business of taking fees from lenders for a list of programs that may or may not have any available funds. housingprograms.org DOES NOT GIVE DOWN PAYMENT ASSISTANCE!!

In a nut shell... the lenders pay to be a part of the system.... and housingprograms.org provides buyer leads to those lenders willing to pay the fees.

Send me an email with the area you are looking and I will send you a list of available programs. The list may or may not be complete because these programs pop up and then run out of money all of the time.
Contact your local housing authority(each city/county has something like this) and see what they have available.

Tom Burris
Mortgage Banker
DallasLoanGuy.com
214-763-4629

i have been told by a representative of a major mortgage company that these programs are going away too. There may a specific program for your area alone through your state city or county that a local pro could tell you about. however from what I understand about the USDA/RD program you must purchase in an area that is designated as rural. Multi family & condo purchases do not qualify. Also the house cannot be valued at over a certain amount,different for each area. in my area the purchase must be under $170,000.

I was talking with a lender about a downpayment assistance program called "The Nehemiah Program" but she then found out that it went away. Sorry that is not very helpful but you could check the web and see if anything else links to it. Sometimes you can negotiate up to 6% credit toward closing costs, discount points from a seller, even if it is an REO or Short Sale but I have not seen it for strictly downpayment. but my area may be different than yours.

Good Luck.
Marlene Macbeth, e-PRO, GRI