How Does HUD's $100.00 Down Payment Work?

Ohio is one of the states where HUD is still offering consumers their $100 dollar down program but many folks are confused as to exactly how it works.

First it is important to know that the program is for owner/occupants only.

Next it is important to note that the program only applies to FHA Loans.

The components are as follows:

•1. $100.00 dollars down applies to the down payment only. ***Key point to keep in mind...-even with this program the $1000.00 earnest money deposit is still due within 48 hours of winning a HUD bid. The $100 down payment replaces FHA's required 3.5% down payment.

•2. As of Cot. 1st 2008 until further notice the buyer will receive a $2500.00 Sales Incentive which can be used for:

•a. Closing Costs
•b. Tax-Probations
•c. Repairs to the home
•d. Replace items in the home
•e. Additional Down payment

•3. $500.00 Real Estate Broker Bonus. This is in addition to the commission the selling agent receives for the transaction.

For more information about purchasing HUD homes see: How To Purchase A HUD Home...

Looking to buy a HUD home or need other assistance with Central Ohio Real Estate call me at 614-273-6406 or email Vanessa.simmons@realliving.com