Can you really purchase a HUD home with a $100 down payment?

HUD is offering a $100 Down Payment Initiative for owner occupants purchasing a HUD Home with FHA financing.  This incentive is also available to owner occupant purchasers who obtain a FHA Home Repair loan (203K).   This means you can purchase a home with only $100 down.

• Following are the criteria:
• Property must be a  HUD REO (foreclosure).
• Buyer must be Owner Occupant - Buyer must live in the home for at least one full year.  This program is not available to investors.
• Loan must be FHA Financing or FHA Home Repair loan (203k) -  You must be able to qualify for a FHA loan.
• Buyer must bid full asking price. 
• HUD will pay up to 3% towards your closing costs if requested in the contract
• You must have a HUD registered Broker/Agent in order to put a bid on a HUD home

Not all FHA lenders offer the $100 down payment loan so be sure to ask your lender if they participate.  Here is the link where you can search for HUD Homes.