REQUIREMENTS TO QUALIFY FOR THE HUD $100 DOWN PROGRAM

Owner Occupant: Home must be owner occupant meaning it must be your primary residence. Buyer must live in the home for at least one full year.

Purchase price:  Buyer must make full price offer to HUD (i.e. must offer HUD's full asking price). Varies for North Carolina Residents. 

Loan types available: FHA Fixed Rate 30 year, FHA Fixed Rate 15 year, FHA Secure 30 or 15 year, FHA Stimulus 5/1 ARM (Adjustable Rate Mortgage)

Income:  Must be able to document enough income that your debt to income ratios are 31% / 43%

Maximum loan amount: $362,790

Property types: Single family residences, townhomes, Planned Unit Development homes, condos

Credit Score: Minimum credit score is 580(*)

• Minimum 24 months since discharge of any bankruptcy's; 36 months since any foreclosure
• (*) Many lenders are requiring middle credit score of 620 or higher

Eligibility:  All borrowers must have a valid social security number. All borrowers must demonstrate 2 years of employment history.

Permanent Resident Aliens:

• Evidence of lawful, permanent residency issued by the Bureau of Citizenship and Immigration Services (BCIS), formerly the INS.

• Copy of the Alien Registration Receipt Card (Resident Alien card), I-551

Non-Permanent Resident Aliens :

• Primary residence

• Borrower must be eligible to work in the U.S.

• Evidence of valid Social Security number required

• Evidence of residency and work status to be obtained through documentation from US Bureau of Citizenship and Immigration Services (BCIS) formerly INS

• Copy of the Employment Authorization Card, I-688B. This card carries an expiration date.

• A social security card is not acceptable as evidence of work status.

Reserves: There is no reserves requirement for the program.

Mortgage Insurance: FHA mortgage insurance is required on all loans .

If you would like more information on the $100 HUD Down Payment Assistance Program for Charlotte, NC and surrounding areas, and how to get pre-qualified to purchase a HUD home for $100 down, you can fill out the form below or for a quicker response, you can apply online using our secure server.

Helpful Links:

Available HUD Homes for Sale

$100 Down HUD Program

GNND Program

Apply for HUD $100 down Program