CHICAGO HUD FORECLOSURES FOR $100 DOWN!
Did you know you can purchase a HUD Foreclosure with only $100 Down ?!
HUD Foreclosures are created when someone defaults on a FHA insured
or VA guaranteed mortgage. The government is offering this special
promotion for a limited time. However, they haven't disclosed when this
program will expire. So if you're thinking about buying, now is the time!
HUD foreclosures can only be sold by a HUD approved broker.
I am approved and authorized to sell HUD Foreclosures. If you purchase one
of these properties using a FHA insured loan, and the property will be your
primary residence, then you can get this property for only $100 down!
You can also borrow additional money to rehab the property. The only
restriction is that the purchase price plus the rehab amount must not
exceed your maximum approved mortgage amount.
I know you're thinking there must be some catch. But there really isn't.
However, there are other out of pocket expenses when purchasing a home.
So, let's look at an example:
Buyer Barbara has found a HUD foreclosure for $65K. She has a 620 middle credit
score and a verifiable income of $40K. She has been approved for a mortgage of $100K.
She was referred to Mark Killion by a good friend. He told her that she could buy this
home for only $100 down. But unfortunately, a down payment isn't the only cost involved
when buying a home. Buyer Barbara also needs to pay for an appraisal, a lawyer, and
offer earnest money with her offer. Mark also recommends she buys a home inspection.
So, here's the estimated breakdown:
Earnest Money: $1000
Home Inspection: $300
So, in this example, Barbara's total upfront expense would be: $2000.
However, Barbara would get $900 cash back at the closing. This is because she only
needed to put down $100. So $900 of her earnest money is refunded at closing!
So, her net out of pocket expense to buy this home was only $1,100
(but she needed $2000 to get the deal done).
There are other closing costs involved, but HUD will pay up to 3% to cover those costs.
Also since Barbara was approved for a $100K mortgage, and the house was only $65K,
Barbara was able to borrow additional money to rehab the kitchen and install central air!
Barbara created instant equity and lived happily ever after :)
Click Here to search for Illinois HUD Foreclosures
If you would like more information on a buying a
Chicago HUD Foreclosure, please send me an e-mail!
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615