Did I get your attention? I remember years ago, Carleton Sheets made similar claims on late night infomercials. Carleton’s still around, but the “No Money Down” jargon seems to have dropped off his materials. Instead of “get rich quick schemes”, he might want to start promoting legitimate Federal loan programs which can require as little as $100 down.
HUD now offers a sales incentive program in certain high-foreclosure rate areas aimed at putting foreclosed homes back into the hands of owner-occupant buyers. (See http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/salesincentives). In select states (notNew York), buyers need a down payment of only $100 to purchase a HUD-owned REO home. They have until October to do it.
The buyer must be an owner-occupant, utilizing financing insured by the Federal Housing Administration (FHA). Standard FHA underwriting guidelines apply, and the sale must be for the full amount of the current list price.
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