28 October 2011

Buying a Tooele home for $100 down with a 600 credit score? No way!

Yes way! You might be able to buy a Tooele Home for $100 down with a 600 credit score. HUD announced this week a new program to get folks into a home with very little down, in select areas of the Country, and you can't get more select than Tooele County! Normally, a buyer has to come to the table with 3.5% down payment, something not always easy to accomplish.

This program has some strings of course. First of all, it needs to be a HUD owned home, to be owner occupied, so no investors. It also needs to be financed through an FHA mortgage. FHA doesn't really have a minimum credit score, but most lenders do, which is normally higher than 600, so this is also great news in this age of ever tougher credit standards. 

You're required to pay full list price on the home, so no negotiating on price.You can also use this for FHA 203K loans to fix up a property. However, you can only borrow up to 100% of the appraised value. 

What does this mean in real numbers? On a 150k home in Tooele County, a "normal" 3.5% down would be around $5250.00. Under this new program, your $100 down is... well, it's less!

Don't miss this opportunity to get into a great home in Tooele County. Call us today for all the details!

 

These HUD homes qualify for the $100 down program


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MLS #1041813
$79,024
This Tooele Bungalow/Cottage was built in 1950 with 4 bedrooms and 1 bathrooms. The home has 2362 square feet on a 0.16 lot.
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MLS #1048706
$68,000
This Tooele Rambler/Ranch was built in 1997 with 3 bedrooms and 1 bathrooms. The home has 2048 square feet on a 0.16 lot.
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MLS #1050108
$53,000
This Tooele Bungalow/Cottage was built in 1920 with 2 bedrooms and 1 bathrooms. The home has 993 square feet on a 0.10 lot.
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MLS #1051828
$137,700
This Tooele Tri/Multi-Level was built in 1996 with 5 bedrooms and 3 bathrooms. The home has 1960 square feet on a 0.30 lot.
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MLS #1052127
$101,700
This Tooele Rambler/Ranch was built in 1998 with 2 bedrooms and 2 bathrooms. The home has 1800 square feet on a 0.14 lot.
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MLS #1058355
$127,000
This Tooele Tri/Multi-Level was built in 2002 with 3 bedrooms and 2 bathrooms. The home has 2036 square feet on a 0.19 lot.
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MLS #1059467
$80,000
This Tooele Bungalow/Cottage was built in 1943 with 2 bedrooms and 1 bathrooms. The home has 1698 square feet on a 0.32 lot.
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MLS #1059506
$150,000
This Tooele Rambler/Ranch was built in 2007 with 3 bedrooms and 2 bathrooms. The home has 2951 square feet on a 0.16 lot.
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MLS #1059747
$199,000
This Grantsville Tri/Multi-Level was built in 1999 with 5 bedrooms and 3 bathrooms. The home has 3737 square feet on a 0.49 lot.
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MLS #1060490
$93,000
This Tooele Split-Entry/Bi-Level was built in 1980 with 4 bedrooms and 2 bathrooms. The home has 1896 square feet on a 0.18 lot.
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