Posted on 04/16/2011 8:02:08 AM PDT by dawn53
Magan Landsiedel and Jeff Smolinski just bought a $133,000 home in Largo. Their down payment: $100.
A typical government-insured mortgage would have required $4,700 down; a conventional lender might have demanded more than $26,000.
But Landsiedel and Smolinski took advantage of a little-known U.S. Department of Housing and Urban Development program that lets people buy government-owned foreclosed homes for just $100 down.
Uncle Sam is looking for buyers for 3,451 homes like this in Florida.
(Excerpt) Read more at tampabay.com ...
HUD is another government agency that could use a 100% defunding. How many great cities and towns were turned and are now turning into crime-ridden ghettos because of their actions.
Ground Hog loans
The idea of “little known” government programs- regardless of the merits or lack thereof of each program, where someone has to be be in the “know” in order to take advantage tells me the government is much too big and complex.
Anything available for a good government price on Lake Tahoe?
What's the catch?
Isn't the definition of insanity, doing the same thing over and over again, expecting a different result?
What’s the catch? ............................... You must be a gun owner?
Lake Tahoe? Well maybe...here’s a link to the list of homes in the HUD program.
Actually the young couple in the article bought a home in a nice section of town. I just perused the listings for our area, and about 1/2 are in decent parts of town.
If a person can’t come up with $26k for a traditional loan or $4750 for a government (3%?) loan, chances are they aren’t going to be able to afford the payments on a house requiring those amounts.
Low/No down payments and loans exceeding the value of the house are what got us in this housing mess to begin with.
$100 down gets people in the door who can’t pay bills down the road. It can take years to get them out.
Time to foreclose on HUD.
The problem is that many of the available homes are located where decent folks wouldn’t feel (and maybe would not be) safe.
“What’s the catch?”
Many are probably in distressed condition and in undesirable neighborhoods I would guess.
A couple consisting of a nurse and a police officer ought to be able to make the payments on a $133K loan, even with no money down.
“chances are they aren’t going to be able to afford the payments on a house requiring those amounts.”
They said the house was $133,000. That’s around $800 a month, probably less than a 2-bedroom apartment rent.
As long as the property doesn’t need too many repairs this should be workable for this couple.
Do the loans allow you to pay in crack instead of cash?
but if you can and dont have to.......go for it cash is king
The catch is Florida. The will set property tax based on full market value, not current market value. So even though housing prices in FL have gone down the tubes, the property tax has gone up in many cases.
depends on latest eval......my props in fl went down
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