FHA Loans: Exploring the Basics, Requirements and More
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To be able to take advantage of this great program you will have to use FHA financing to purchase the property. The normal down payment for a FHA home loan is 3.5%, max 96.5% financing. The main reason HUD offers the $100 down payment program is to sell HUD foreclosed homes fast and quickly get owner-occupants into the homes. To be able to take advantage of this great program you will have to use FHA financing to purchase the property. The normal down payment for a FHA home loan is 3.5%, max 96.
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