If youâ€™re saying that the home was foreclosed upon, and you need down payment assistance, then this home is probably not for you. You can obtain a list of HUD homes by visiting this websites, but HUD homes still require 3-5 percent down payment.
Depending on your price range and local market, you should consider contacting a Realtor and discussing your needs in detail. Many sellers in my area are providing several thousand dollars in closing cost assistance to my buyers, and some have actually received a few hundred bucks back at the closing table.
One would always need to place a good faith deposit when submitting an offer. This could be as little as $500, or one percent of the purchase price. Again, contact a Realtor as they know they market best and can put you in touch with a lender who can discuss creative financing options with you.
Frank Biganski, Realtor ABR