KISSIMMEE, Fla.,None — A little-known incentive could let you buy a home in Central Florida with only a $100 down payment.
The program deals with HUD homes owned by the government. Right now, there are more than 400 available in Florida.
WFTV's Melonie Holt toured some of the homes in Kissimmee with HUD local listing broker Roy Trent to see what you can get for $100.
One four-bedroom, two and a half bedroom home has an asking price of $85,000. A pool home on a third of an acre is listed at $73,000. And a home with a fenced-in backyard is a HUD home too, asking price $70,000.
And right now, you could move into a HUD home with a down payment of just $100.
"$100 down, but you would still need your earnest deposit. Depends on the price of the home, $500, $1,000 or $1,500," Trent said.
That earnest money is collected by a registered HUD broker for closing costs. All bidding for HUD homes happens online. If you're the winning bidder, you're notified by email, and your earnest money is credited towards your closing costs. If you don't have the winning bid, your earnest money is returned.
One home Melonie toured is already under contract. But, there are more than 400 other HUD homes available around the state this week. Melonie saw a few of them, like a home on Finley Avenue in Kissimmee.
But, to take advantage of the $100 down, a home must be owner-occupied for at least a year, and the property must be financed through an FHA loan.
"They're easier to qualify for," Trent said. "They pick up 3 percent for your closing costs. So, you can't beat the deal."
But you can be outbid. Just about anyone can buy a HUD home.
If you're interested in seeing what's available and learning more about the bidding, visit HUD.gov and HUDPemco.com.