Did you know you can purchase a primary residence from HUD (a HUD foreclosed home) for only $100 down? Yes! And the great news is you do not need to join any lists or clubs to find a home! For free, yes you can get a list of HUD foreclosures for FREE, you can find and view the properties you are interested in. Once you have decided on one or two you can get a licensed HUD approved real estate agent to show you the home. We can provide you with a list of HUD approved real estate agents from the Atlanta area who may be able to help you. Call a sponsoring lender to get qualified today. You must be pre-qualified by a HUD approved lender prior to making your offer on the home so you may as well know if you can succeed before you start shopping. There is NO APPLICATION FEE and NO UPFRONT COSTS to apply with one of Georgia's premier HUD approved lenders - Novation Mortgage. It takes just a very short time to get a preliminary decision and you can do it over the phone. 1. The property must be a HUD Real Estate Owned (REO) property. The contract of sale must reflect HUD as the seller of the property and will be HUD Form 9548. 2. HUD Form 92564-CN: (For your protection: Get a Home Inspection) must be executed by the borrower PRIOR TO execution of the contract. 3. When ordering the FHA Case Number, the processor must select “Real Estate Owned” for processing type. In addition the question regarding Property Disposition must be answered “yes”. Finally, the previous case number must also be entered. Usually that information is on the contract of sale. 4. The maximum amount of the open repair items is $5,000 (unless used in combination with the FHA 203(k) or Streamlined 203(k) and/or the FHA Energy Efficient Mortgage) 5. Prior to closing, the utilities must be turned on and verified as properly operating. If repairs are needed they are included in the $5,000 cap. 6. Prior to closing any required certifications (termite, well, septic) must be obtained. If repairs are needed they are included in the $5,000 cap. 7. The open repair items must be specifically outlined and supported by a contractor's estimate and must be reasonable. 8. The $5,000 cap is indicative that the type of items to be repaired should not be considered major or significant. In addition, none of the open repairs can impact the general safety or habitability of the property. 9. At time of closing, REMN will hold 150% of the estimated repair costs. 10. The maximum time frame for completion of the repairs is 2 weeks (14 calendar days) from the loan disbursement date. 11. At time of closing, a standard repair escrow agreement must be executed (this agreement will be sent in conjunction with your closing package) 12. The loan can be submitted for insurance during the escrow period 13. When the repairs are completed, order the final inspection and submit it to your underwriter who will notify the closer that funds may be released by our corporate office. Call a sponsoring lender to get qualified today!

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