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.
Senior Loan Officer