Kentucky HUD $100 Down FHA Loan Program with List of Houses for Sale

Kentucky HUD $100 Down FHA Loan Program with List of Houses for Sale





What is the FHA $100 Down Program?

The $100 Down Program allows the buyer of an FHA REO property to get a loan through FHA which exceeds the standard LTV limitations.
Is the $100 Down Program available on all FHA REO purchases?
The $100 Down Program is only available for certain areas and properties. You'll need to talk with the Asset Manager to determine if the property is eligible and have them add an addendum to the purchase contract if your borrower wants to take advantage of the program.
Can the UFMIP be financed into the loan amount?
It can, but the Total Loan Amount (excluding repairs) cannot exceed 100% of the Appraised Value minus the $100 down. Otherwise the UFMIP cannot be financed and the borrower must bring funds for it to be paid in at closing.
Can repairs be financed into the loan amount?
Yes, repairs can be financed up to 110% LTV.


HUD’s As-Is Policy and How to Fund Repairs


Whether a HUD home is listed as Insured (I), Insured with Escrow Repairs (IE) or Uninsured (UI), they all have one thing in common: they are sold as-is. This means that HUD doesn’t warrant the condition of its properties and will not pay for repairs or defects after a buyer’s contract has been executed. For this reason, HUD strongly recommends that the purchaser have a home inspection performed.


If your client should find that perfect home, but it needs repairs, you may suggest that he or she apply for FHA-backed financing: a 203(b) IE or a 203(k). The 203(b) IE allows repair costs of up to $10,000 and the 203(k) is for a property listed as uninsured, with repair costs over $10,000.


It may be tempting for some buyers to ‘get a start’ on the repairs or updates by making repairs or modifications before they close. Buyers should be made aware that HUD does NOT allow any repairs to be made prior to closing even if the lender requires these repairs. In the event that repairs are made the buyer and/or is selling broker will be responsible for ensuring that the property is placed back in its condition at the time of contract execution at the


For example, a buyer started gutting a kitchen prior to closing. The entire kitchen was removed and the contract didn’t close. Not only did the buyer lose thousands on renovation costs on a property that didn’t close, but the home no longer has a kitchen and doesn’t meet FHA conditions for lending and can only be sold as uninsurable.


If the buyer doesn’t comply with HUD’s requirement, one or all of the following can happen:
Contract cancellation
Fines and penalties associated with any damage caused by unauthorized repairs


The selling agent’s NAID may be suspended or they face termination if repairs or modifications are made to the property before the closing.

Sources


HUD


FHA.com


List of Kentucky HUD Homes for Sale. $100 Down FHA Loan Program


 
Property Case
11 Quail Ridge Ct
Owensboro, KY, 42303
Daviess County
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1017 Log Lick Road
Winchester, KY, 40391
Clark County
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99 Falls Br
Belfry, KY, 41514
Pike County
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9655 Marshall Rd
Ryland Hght, KY, 41015
Kenton County
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152 Warmwood Ln
London, KY, 40741
Laurel County
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45 Grandview Ave
Ft Thomas, KY, 41075
Campbell County
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2215 Sharon Rd
Ashland, KY, 41101
Boyd County
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4094 Kimberly Dr
Independence, KY, 41051
Kenton County
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2718 Cumberland Ave
Ashland, KY, 41102
Boyd County
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12251 Us Highway 421
Tyner, KY, 40486
Jackson County
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2878 1st Street
Petersburg, KY, 41080
Boone County
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692 Barker Rd
California, KY, 41007
Pendleton County
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882 Whippoorwill Ro
Paintsville, KY, 41240
Johnson County
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801 E Broad Street
Central City, KY, 42330
Muhlenberg County
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Joel Lobb (NMLS#57916)
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