HUD Issues Guidance for $100-down Financing Program for REOs

May 24, 2011

Pursuant to Mortgagee Letter 2011-19, an eligible borrower may finance the cost of the upfront mortgage insurance premium (UFMIP) through his or her FHA-insured mortgage as long as the total mortgage amount, including the UFMIP, does not exceed 100 percent of the “as is” appraised value of the property.

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