Kentucky HUD Homes for Sale with the FHA $100 Down Program
Kentucky HUD Homes for Sale with the FHA $100 Down Program
The appraiser identifies the repairs that are required to satisfy Kentucky FHA�s minimum property requirements
(MPR) under FHA�s �Insurable with Repair Escrow� approach. To be eligible the repairs cannot exceed
$5,000.
Uninsurable properties are properties that require >$5,000 in repairs to satisfy FHA�s MPR. Properties
requiring > $5,000 in repairs are only available using FHA 203K financing which we do not
offer.
KENTUCKY HUD HOMES SALES INCENTIVES
| For a limited time, FHA offers sales incentives on HUD homes that will make these homes more affordable for home buyers when purchasing a property using FHA-insured financing. The incentives VARY from State to State but may include: low down payments; sales allowances that can be used to pay closing costs, make repairs, or pay down the mortgage amount; broker bonuses for owner-occupant sales. The benefits of FHA financing are low down payments; competitive interest rates; flexible credit qualifying. To find a HUD-Approved Lender, and for the latest sales incentives in your areas, visit HUDhomestore.com. The program incentives are subject to change without prior notice. | |
Sales Incentives (subject to change without prior notice) | Participating States |
$100 Down Payment! Available to Owner Occupant Homebuyers when purchasing a property using FHA-insured financing. | Illinois, Indiana, Kentucky, Tennessee, S. Carolina,N. Carolina, Georgia, Mississippi, Alabama, Florida, Puerto Rico, Virgin Islands |
Good Neighborhood Next Door (GNND)
For Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence. When a law enforcement officer, teacher, firefighter, or emergency medical technician chooses to use an FHA- insured mortgage, the down payment is $100. Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program. GNND buyers can bid in lottery, exclusive, and extended phases, but can bid exclusively on insured single unit homes in revitalization areas in the lottery phase. GNND buyers are given preference over government agencies and nonprofits in the selection of a bid-winner in the lottery phase. Search for available properties at www.hudhomestore.com, enter State and Buyer Type: Good Neighbor Next Door. View Q & As
For Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence. When a law enforcement officer, teacher, firefighter, or emergency medical technician chooses to use an FHA- insured mortgage, the down payment is $100. Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program. GNND buyers can bid in lottery, exclusive, and extended phases, but can bid exclusively on insured single unit homes in revitalization areas in the lottery phase. GNND buyers are given preference over government agencies and nonprofits in the selection of a bid-winner in the lottery phase. Search for available properties at www.hudhomestore.com, enter State and Buyer Type: Good Neighbor Next Door. View Q & As
$1 Homes
Sales For Local Governments
HUD�s Dollar Homes initiative helps local governments to foster housing opportunities for low to moderate income families and address specific community needs by offering them the opportunity to purchase qualified HUD-owned homes for $1 each. Please read HUD�s most recent notice on H2011-16 for more information. Search for available properties at HUDhomestore.com, enter State and Buyer Type is Government Agency.
Sales For Local Governments
HUD�s Dollar Homes initiative helps local governments to foster housing opportunities for low to moderate income families and address specific community needs by offering them the opportunity to purchase qualified HUD-owned homes for $1 each. Please read HUD�s most recent notice on H2011-16 for more information. Search for available properties at HUDhomestore.com, enter State and Buyer Type is Government Agency.
Nonprofit Organizations
Eligible nonprofit organizations, can bid on homes in lottery, exclusive, and extended phases provided they are in approved purchase areas. If the property is in the lottery phase, the home must be uninsured. Nonprofits rank below Government Agencies in the bid selection process for the lottery, but above them for exclusive and extended listings. Nonprofits cannot bid for dollar homes. Nonprofit organizations that want to obtain HUD approval to participate as a FHA mortgagor, purchase HUD homes at a discount, or administer a Secondary Financing/ Down payment Assistance Program must submit an email directly to their local Homeownership Center (HOC), Program Support Division, indicating that your organization would like to apply for approval to participate in FHA Nonprofit activities. Search for available properties at www.hudhomestore.com, enter State and Buyer Type: Nonprofit.
Eligible nonprofit organizations, can bid on homes in lottery, exclusive, and extended phases provided they are in approved purchase areas. If the property is in the lottery phase, the home must be uninsured. Nonprofits rank below Government Agencies in the bid selection process for the lottery, but above them for exclusive and extended listings. Nonprofits cannot bid for dollar homes. Nonprofit organizations that want to obtain HUD approval to participate as a FHA mortgagor, purchase HUD homes at a discount, or administer a Secondary Financing/ Down payment Assistance Program must submit an email directly to their local Homeownership Center (HOC), Program Support Division, indicating that your organization would like to apply for approval to participate in FHA Nonprofit activities. Search for available properties at www.hudhomestore.com, enter State and Buyer Type: Nonprofit.
FHA�s �First Look� Sales Program Neighborhood Stabilization Program
For Governmental Entities, Nonprofit Organizations, and Sub-recipients that have received a HUD-issued Name and Address Identification Number (NAID) are eligible to participate in the First Look Sales Method. The National First Look Program is a first-ever public-private partnership agreement between HUD and the National Community Stabilization Trust (Stabilization Trust). In collaboration with national servicers, Fannie Mae, and Freddie Mac, the First Look program is intended to give communities participating in HUD�s Neighborhood Stabilization Program (NSP)a brief exclusive opportunity to purchase bank-owned properties in certain neighborhoods so these homes can either be rehabilitated, rented, resold or demolished.Information will be available here soon.
For Governmental Entities, Nonprofit Organizations, and Sub-recipients that have received a HUD-issued Name and Address Identification Number (NAID) are eligible to participate in the First Look Sales Method. The National First Look Program is a first-ever public-private partnership agreement between HUD and the National Community Stabilization Trust (Stabilization Trust). In collaboration with national servicers, Fannie Mae, and Freddie Mac, the First Look program is intended to give communities participating in HUD�s Neighborhood Stabilization Program (NSP)a brief exclusive opportunity to purchase bank-owned properties in certain neighborhoods so these homes can either be rehabilitated, rented, resold or demolished.Information will be available here soon.
Please use the following link https://hudnsphelp.info/index.cfm?do=viewFHAfirstLook for information about this program.
Joel Lobb
Senior Loan Officer
Senior Loan Officer
(NMLS#57916)
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com
email me at kentuckyloan@gmail.com
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
, NMLS ID# 57916, (www.nmlsconsumeraccess.org). I lend in the following states: Kentucky
, NMLS ID# 57916, (www.nmlsconsumeraccess.org). I lend in the following states: Kentucky
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