That’s right, if you are buying a HUD home to live in, they are currently offering special FHA financing that only requires a $100 down payment.

To qualify you must purchase a HUD home to use as your primary residence, and meet the following basic loan guidelines.

• Two Years of steady employment, preferably with same employer.
• Last two years Income should be the same or increasing.
• Credit report should typically have less than two thirty day lates in last two years with a minimum credit score of 580 or higher or no credit score at all.
• Bankruptcy’s must be at least two years old, with perfect credit since discharge.
• Foreclosure’s must be at least three years old, with perfect credit since.
• Your new mortgage payment should be approximately 30% of your gross (before taxes)  income.

These are some of the most basic of FHA guidelines for qualifying for a FHA loan.  If   you have answered yes to most of these statements, you probably qualify for a FHA mortgage loan.

If you have any further questions contact:

Wes Murphree
Avenue Realtors
HUD   Certified Sales Broker
864.313.9780
mailto:wes@8643139780.com