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What is the $100 Down Sales Incentive Program?
Here’s what the Action Letter from the U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT has to say about the $100 Down Sales Incentive Program
“TO: ALL APPROVED MORTGAGEES
SUBJECT: Financing of Transaction Costs for Real Estate Owned Properties (REO) Purchased under FHA $100 Down Sales Incentive
This Mortgagee Letter provides Federal Housing Administration (FHA) guidance regarding the financing of homebuyer transaction costs for homebuyers who acquire HUD Real Estate Owned (REO) single-family properties under a specially-authorized sales incentive that requires only a $100 minimum cash investment. Homebuyer acquisition costs that may be financed for eligible homebuyers are limited to Upfront Mortgage Insurance Premiums (UFMIP).”
What Does the $100 Down Payment Sales Incentive do for Me?