New home buyers: Only $100 down for HUD homes?

A couple buying their first home.Only $100 down for a HUD home? Have you seen any signs like that? I saw several and inquired asked my Realtor friend, who has been in the business for 25 years.

These are the repossessed homes that banks no longer want to sit on. Banks are more than willing to work with you in any way possible to sell off the home. It’s smart business, if you ask me, and it is all to your advantage if you don’t have a home of your own.

Banks, mortgage lenders and Realtors

The best part about it is that it doesn’t cost anything to look into this amazing opportunity. Why not shop around? With interest rates as low as 4.25 percent, you just might score an amazing deal. It can be fun, too, rather than an emotional, upsetting adventure. There are plenty of horror stories out there about banks not performing well and Realtors who are only hungry for their commissions. However, all banks, mortgage lenders and Realtors are not created equal. You won’t find the good ones if you believe they are all bad.

Finding the right people

To find the right personal loan mortgage lender, ask around and don’t believe everything negative someone tells you. My friend (the Realtor) found a guy who can almost always get a loan done in a very short period of time. Now, is that because he is cheating or dishonest? Not at all. He just knows his business and only gets paid if he processes an approved loan. On the other hand, those working at banks may be paid on salary and won’t really care how long it takes to get you approved. Ask, and keep asking until you find that one lender that’s fast, efficient and professional.

It is to your advantage

It might take you a little while to find the right people; stay calm and be patient. What happens, typically, is we get excited about buying a house and jump on the first available opportunity, then get dragged through the mud, only to swear we won’t do it again. Just take the time to find the right lender. Make it an adventure and remember, you can always apply for a payday loan or a cash advance loan to help you along the process.

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