Buy a Home for $100?


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Message 1165507 - Posted: 26 Oct 2011, 14:38:04 UTC

My business is real estate investment. I just saw this about HUD offering to finance homes for $100 down and they pay most of the closing costs plus will give you extra money to repair the house. If you live in any of the listed states, go look for a new home. This is a killer deal, and it's real from everything I can tell.
HUD $100 down home loans

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Message 1165513 - Posted: 26 Oct 2011, 15:00:03 UTC

Mark, You took the words right out of my mouth.
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Message 1165521 - Posted: 26 Oct 2011, 15:52:56 UTC

Buy it, fix it up & sell it
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Message 1165528 - Posted: 26 Oct 2011, 16:18:05 UTC
Last modified: 26 Oct 2011, 16:18:59 UTC

This would be nice for someone like Me as It will do repairs, where $100 is a lot of Money, But I'll stick with the USDA Rural section 502 Direct Mortgage as I'd need no down payment due to My income and I can buy what ever type of modest home that I'd want, plus not worry about the length of the escrow period as the USDA is flexible and have a 30 year fixed mortgage, I just need to save money for moving and utility deposits($1291 I think) and this is cheaper than renting which outside of the generosity of the owner here I really don't have money for, If I had to pay $599 for rent(which is the going rate locally for a 2 bedroom apartment), I'd starve as $830.40 does not go very far anymore and the Federal Benefit Rate should be doubled to $1348 a month from $674 a month and being I live in CA, No person getting SSI in CA gets Food Stamps due to an argument between the state of CA and a part of the USDA and SSA does what the USDA says in the case of Food Stamps, I am getting a 3.6% COLA for 2012 of $25 a month(based only on the $674 FBR). If one thinks what I get is adequate then one doesn't know what one is talking about, as one has not been existing on this small amount of money as have to try and do, I speak from experience, not from hype. Besides California isn't a part of this HUD pilot program as only 2 of 4 of HUDs areas are covered, I doubt one would be approved for a mortgage like those on Wall Street would, Government is not out to make a profit, just serve the citizens of the USA. Right now I have to try and use only $75 for food which means no dinner for Me(Beef Patties and Veggies usually have taken up almost half My monthly food budget normally or $57.87 a month, now that's at $0.00 a month), just so I can get other things done, like buying new sheets for My bed, blanket, maybe repairing My Car's A/C, replacing or repairing a PC psu(a cable end really), new clothes in 6XL(used clothes are for skinny people, My clothes are 5 years old now and some of My favorite shirt have holes in them and two of My 3 pairs of Jeans need sewing on the right front pants pocket, rips or holes, their old too, soon enough I'll have to get out the sewing thread and a needle to do some repairs once again), pay property taxes($200), pay for the DMV fees on My car($107 a year), etc, etc...

This month I have to get this stuff:

Zipties(100-8", $6.07), CoffeeMaker(Percolator, I hate drip coffee makers as I've had 3 die on Me), eggs(1 can powdered, saves gas here, 12.5 mile trip to the market one way, can delivered costs $23.48), nutella($16.99 for 5 13oz jars, does not contain peanuts), tea($11.61 for a months worth of decaf tea), GTX295(obligated), 16GB ram(not sure about this one, maybe, maybe not).

Next month It may be like so:

Flashlight, 4-45oz Ragu(spaghetti, yum, yes I can cook, nothing fancy, but I can do the deed, done dirt cheap), weatherstripping(door, stick on foam), grills for swamp cooler(normal and winterizing as the current one is broken and the park will not replace It), Primer(Krylon spray), dry cat food(Science Diet 7lbs, Grace loves this and the Shelter fed Her this too), Queen sized fitted Sheets(My current ones are torn) and a king size blanket(as I have only one full blanket and It needs repairs).

In January it's Property taxes of $200 and food for Me...

Then save(or try to at least) $258.20 for 5 months...
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Message 1165547 - Posted: 26 Oct 2011, 17:21:08 UTC - in response to Message 1165509.

My business is real estate investment. I just saw this about HUD offering to finance homes for $100 down and they pay most of the closing costs plus will give you extra money to repair the house. If you live in any of the listed states, go look for a new home. This is a killer deal, and it's real from everything I can tell.
HUD $100 down home loans

Uhhhhh....isn't this the kind of thing that got us into this mess to begin with?



Yes.

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Message 1165549 - Posted: 26 Oct 2011, 17:23:23 UTC - in response to Message 1165513.

Mark, You took the words right out of my mouth.

And BINGO was his Name-O

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Message 1165551 - Posted: 26 Oct 2011, 17:27:02 UTC - in response to Message 1165547.

My business is real estate investment. I just saw this about HUD offering to finance homes for $100 down and they pay most of the closing costs plus will give you extra money to repair the house. If you live in any of the listed states, go look for a new home. This is a killer deal, and it's real from everything I can tell.
HUD $100 down home loans

Uhhhhh....isn't this the kind of thing that got us into this mess to begin with?



Yes.

I think HUD isn't about to lend to just anyone, but then their not a bank, so No this is not a derivatives item which is what caused the housing bubble as done by Wall Street firms like Goldman Sachs...

That is the reality vs the talking point smoke screen laid down by Wall Street and Big Oil's bought and paid for shills...
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Message 1165556 - Posted: 26 Oct 2011, 17:38:16 UTC - in response to Message 1165553.
Last modified: 26 Oct 2011, 17:38:35 UTC

I understand the basic premise of the program is to make it easier to get already foreclosed homes back off the market, but if they make it too easy, it's only gonna be wash, rinse, repeat cycle.

Brings to mind some more words...
'Those who do not learn from history are doomed to repeat it.'

If someone handed Me the keys and the deed to a house/mobilehome in Adelanto that didn't need repairs, I wouldn't mind, as It would make My housing expenses go down a lot from near 50% to almost 0%, fat chance of Me getting a $26,000 mobilehome plus closing costs, I need a USDA section 502 rural direct mortgage, otherwise I'm out of luck. I'd still need to save up to move there of course and It would take months for Me to do.
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Message 1165673 - Posted: 27 Oct 2011, 3:04:29 UTC - in response to Message 1165556.

from the article it looks like the only people that can use this are the actual owner/loan defaulter/occupant of the home that is due to be foreclosed on. I don't see an upside for anyone considering that most of the people couldn't afford the payments in the first place.
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Message 1165684 - Posted: 27 Oct 2011, 4:11:15 UTC

I read the enabling regulations. The program is open to anyone, citizenship not required, subject to underwriting, who want to purchase and occupy as their primary residence any home already owned by HUD. That is really bad English but I just said in one sentence what took HUD about 14 pages.

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Message 1165687 - Posted: 27 Oct 2011, 4:18:04 UTC - in response to Message 1165684.

I read the enabling regulations. The program is open to anyone, citizenship not required, subject to underwriting, who want to purchase and occupy as their primary residence any home already owned by HUD. That is really bad English but I just said in one sentence what took HUD about 14 pages.

I sure wish It was here in California, I'd try for It then...
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Message 1165730 - Posted: 27 Oct 2011, 11:34:25 UTC

the Federal Benefit Rate should be doubled to $1348 a month from $674

If someone handed Me the keys and the deed to a house/mobilehome...It would make My housing expenses go down a lot...to almost 0%

Holy Moly Folks. Here we have The New DEM/Lib Plan from Oblahblahblah, your Prez and Messiah.

Everyone gets a House For Free and Everyone gets their Income Doubled.

Surely a Vote Getter Friends.

Even The Repugs and TeaPottiers will sign up/Vote for Oblahblahblah aka The Speechifier with That Deal.

This Deal will surely bring us Out of The Depression and Back to Prosperity For ALL.

Holy Moly Again. Wow.

Dull, but gunna get me a Free House and Double My Present Income.

YeeeeeeeeeeeeHaaaaaaaaaaaaaw Dull
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Message 1165759 - Posted: 27 Oct 2011, 14:28:33 UTC - in response to Message 1165705.

I read the enabling regulations. The program is open to anyone, citizenship not required, subject to underwriting, who want to purchase and occupy as their primary residence any home already owned by HUD. That is really bad English but I just said in one sentence what took HUD about 14 pages.

Citizenship not required??????
Aren't those US citizen's tax dollars involved here????
WTF?


I imagine permanent residency is required, and folks on permanent residency visas (aka green cards) are subject to US taxes. Yes, there is "taxation without representation" in the US today ;)
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I think you'll find it's a bit more complicated than that ...

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Message 1165761 - Posted: 27 Oct 2011, 14:38:00 UTC - in response to Message 1165730.

I meant one or the other, Ok DNV?
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Message 1165762 - Posted: 27 Oct 2011, 14:40:45 UTC - in response to Message 1165759.

I read the enabling regulations. The program is open to anyone, citizenship not required, subject to underwriting, who want to purchase and occupy as their primary residence any home already owned by HUD. That is really bad English but I just said in one sentence what took HUD about 14 pages.

Citizenship not required??????
Aren't those US citizen's tax dollars involved here????
WTF?


I imagine permanent residency is required, and folks on permanent residency visas (aka green cards) are subject to US taxes. Yes, there is "taxation without representation" in the US today ;)

Yeah, there sure is, especially when the elected representative wants one to listen and only talks to those that tow the tea-party(=astroturf) line...
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Message 1167622 - Posted: 4 Nov 2011, 1:37:28 UTC - in response to Message 1165507.

There is a commercial on TV up here that says Canadians can clean up buying cheep homes in the lower 48 states. It looks too good to be true. It also looks kind of heartless.

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