How to Buy a Home For Just $100 Down Featuring Jamie Meloni

Jamie Meloni started on radio in September 2013 hosting The Jamie Meloni Real Estate Show. As a top producing Realtor that specialized in the sale of foreclosed homes, Jamie hosted this weekly program as a way to educate listeners on Real Estate and drive some business to him as well. This program morphed into #ThatBusinessShow on February 2nd, 2015 but Jamie still sells Real Estate, something of which he often finds that listeners do not know as well as the guests. The goal of the program is to highlight others and inspire entrepreneurship while building the network, Tampa Bay Business Owners aka TBBO, which offers resources and consulting to members in this area. Therefore Jamie oftentimes avoids talking about his Real Estate business because it is a separate business from the show and TBBO.

When we have voids in the schedule though, Jamie fills them with a variety of talking points today of which was HUD Homes. HUD (The Department of Housing and Urban Development) is a large government agency tasked with all things housing in urban areas. As it relates to Jamie, HUD insures lenders against home loan defaults enabling lenders to make loans they otherwise would not make. When a borrower defaults and al lender has to foreclose, the lender makes an insurance claim with HUD to get paid off and then turns the property over to HUD to be sold by them to recoup losses, hence it becomes a foreclosure. Jamie works with HUD as a local listing broker and spoke about some of the ways consumers can benefit from buying these homes.

$100 down is an FHA program whereby buyers can buy a HUD owned home for $100. The $100 substitutes for the normal 3.5% down payment thus reducing their cash to close. It does not mean the buyer can show up to closing merely with $100 because there are other closing costs that add to the cash to close but this program does greatly reduce that amount. In addition, a buyer will need to supply an initial $500 or $1000 deposit upon contract acceptance too which is then applied against their cash to close. All HUD homes that are eligible for FHA financing in the State of Florida qualify for this. To find the list of available homes, go to www.hudhomestore.com. Homes that have the property codes IN or IE are FHA insurable and thus qualify for $100 down. If the home is “UI”, then it is not FHA insurable but you can get an FHA 203k loan on the home. This is a rehab loan that adds the cost of repairs to the acquisition price. You can use $100 down with an FHA 203k loan too!

Another program talked about was the HUD Good Neighbor Next Door Program. Via this program, teachers, firefighters and emergency responders are eligible to purchase HUD owned homes for 50% off of the appraised price. The caveat to this program now though is the lack of inventory on the market that fits this program. To find these homes, visit www.hudhomestore.com, select your state and then select buyer type “good neighbor next door”. Again there is limited inventory but presents an opportunity for a buyer who is patient and knowledgeable of this to find a great opportunity down the line. The only requirement is that the buyer lives in the home for 3 years after purchase. All equity is then the buyers!

Jamie is a Realtor that can help you buying or selling a home in the Tampa Bay area. Contact him at 813-760-8516 or jamie@tampabayradio.com and learn more about the radio show at www.tampabayradio.com!

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