Bulletin W13-042 - FHA $100 Down Payment Program

Topic included in Bulletin W13-042:

• New program available Monday, May 13, 2013; FHA $100 Down Payment Program
• Standard FHA guidelines apply to this program in addition to the following:
  • Must be HUD REO
  • Sales Agent must be HUD approved and sales contract must confirm transaction is $100 Down Payment Program
  • Property must be appraised “as-is” with no repairs
  • Eligible only for CMS approved states under the jurisdiction of the Atlanta HOC: Florida, Georgia, Kentucky, Illinois, Indiana, North Carolina, South Carolina and Tennessee
  • Uses HUD appraisal; appraisal is valid for 120 days.  After 120 days, a new appraisal will be required at Borrower’s expense.
  • Minimum 600 credit score and Borrower must have sufficient credit regardless of AUS findings
  • Not eligible on CMS 203(k) program
• New program codes have been created and are in the pricing engine
• Program matrix available on the Intranet

Download: Bulletin - W13-042 (PDF)