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%
Property types: Single family residences, townhomes, Planned Unit Development homes, condos
Credit Score: Minimum credit score is 640
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.
Available HUD Homes for Sale
$100 Down HUD Program
Apply for HUD $100 down Program