Yes, this property is owned by HUD, Housing and Urban Development.
It has already been appraised and needs repairs to be bought with mortgage financing. If you need to finance the purchase, a 203k loan is an excellent way to do it. With just 3.5% down, you can finance the purchase and renovation costs in one loan.
HUD properties that are for sale and do not require repair can be purchased with just $100 down. Yes, it is true, there is a trusted mortgage program to purchase HUD owned homes for just $100. There has already been an appraisal on the property so no new appraisal is required.
Good luck in your search.
AnnieMac Home Mortgage