Yes, HUD has chosen Arizona to hold their first ever public auction with $100 down payment and up to 3% of your closing costs Saturday, March 26, 2011. So, how do you purchase one of these HUD homes at the auction? Here’s what you need to know:

1. Are you eligible?

• Have not purchased a HUD owned home in the last 2 years.
• Agree to occupy the home as a primary residence for a minimum of 12 months. Sorry, no investors or 2nd home purchasers.

2. Are you pre-qualified for a loan?

• Work with the bank or lender of your choice to determine which loan you will be using to make the purchase. The $100 down may not be an option for you. [Read more…]