$100 down payment insurable loan per fully executed copy of form HUD-9548, Sales Contract, which indicates the $100 down payment. This eliminates the usual FHA requirement for 3.5% down payment. The mortgage cannot exceed 100% of the appraised value, and requires the inclusion of the upfront mortgage insurance premium within that limit. Any over bids or additional closing costs would have to be paid at closing. Seller concessions are standard FHA allowable 6%!!
This is a great program for those homes that are eligible. Thank you for calling the Covenant Team when you need a mortgage Expert!