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Arizona Mortgage Banker #BK 15047
NMLS # 143636
What is a FHA/HUD PD?
HUD property dispositions (PD) are also known as HUD repossessions. At times a lender will be forced to foreclose on a property, they in turn can file a claim with FHA to have HUD pay the balance due on a mortgage and assume ownership of the property. These properties are known as HUD homes, HUD property dispositions, HUD real estate owned (REOs), HUD owned, or PD Sales. HUD resells them and allows the public to purchase them as an owner occupant or investor.
The minimum down payment on these properties is 3% of the sales price. This can include the borrower’s down payment, closing costs and any HUD required repairs.
Properties that need up to $5,000 worth of repairs to meet minimum property standards my be eligible for a repair escrow to complete the work.
FHA/HUD PD $100 Down Program - FHA Loan Arizona | Hilton Loans
