HUD offering government-owned, foreclosed homes for only $100 down
By Mark Puente, Times Staff Writer Friday, April 15, 2011
Magan Landsiedel and Jeff Smolinski just bought a $133,000 home in Largo. Their down payment: $100.
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.
The house needs new carpet, paint and closet doors and several small holes need patched.
“It’s going to be a beautiful home,” Landsiedel said. “We got a great find in this one. It just needs some TLC.”
But the homes could be a bargain for a first-time buyer with minimal cash or for someone skilled at home repairs.
If buyers don’t have money for repairs, they can roll the costs into the FHA’s 203k Rehabilitation Home Mortgage Insurance. The agency insures the loan, including the additional money for renovations and repairs …
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