How Does HUD's $100 Down Program Work?

By
Real Estate Agent with Real Living HER

house on money

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... AND  Hey Good Neighbor...

 

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

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Topic:
Home Buying
Location:
Ohio Franklin County Reynoldsburg
Groups:
Real Living
Ohio Active Rainers
ABR-Accredited Buyer Representatives
Realtors®
Real Estate Rookie
Tags:
central ohio
worthington
columbus
pickerington
reynoldsburg
gahanna
canal winchester
homes

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Rainmaker
764,043
Lanre-"THE REAL ESTATE FARMER" Folayan
Keller Williams Capital Properties-Buy a home in Washington DC. Sell a home in Washington DC - Washington, DC
How much is my Washington DC House Worth?

Hopefully the HUD's $100 Down Program can work in places such as Washington DC,Maryland and/or Virginia? Hope you will be able to get some buyers with this program. Great post.

Mar 10, 2009 07:03 AM #1
Rainmaker
43,239
Vanessa V. Simmons
Real Living HER - Columbus, OH
Realtor

Lanre, thanks for your comment...Hopefully we will get families in some of these vacant properties.

Mar 10, 2009 07:11 AM #2
Rainmaker
318,887
Kathy Torline
ERA Herman Group Real Estate - Colorado Springs, CO
Colorado Springs Real Estate Blog 719-287-1049

Great article -- we have the same program in Colorado.

Mar 10, 2009 08:07 AM #3
Rainmaker
43,239
Vanessa V. Simmons
Real Living HER - Columbus, OH
Realtor

Kathy thanks for stopping by and sharing that info.  I was wondering if other states had this program. 

Mar 10, 2009 08:11 AM #4
Rainer
92,947
Zane Coffin
Century-21 Homestar - Geneva, OH
(Geneva Ohio Real Estate Agent)

Vanessa thanks for the link and the info....peace zane

Mar 10, 2009 08:55 AM #5
Rainmaker
43,239
Vanessa V. Simmons
Real Living HER - Columbus, OH
Realtor

Zane thanks for stopping by

Mar 10, 2009 09:00 AM #6
Rainer
42,223
Wendy Welborne-Kimery
Keller Williams-Lake Norman Mooresville,NC - Mooresville, NC

Great info Vanessa!

Mar 10, 2009 06:37 PM #7
Rainer
20,530
Khash Saghafi
Liberty Home Mortgage Corporation - Cleveland, OH
Mortgage Loan Officer, Cleveland Ohio

Hey Vanessa,

  I love reading your posts on these programs.  As a lender, it is always nice to keep brushing up on guidelines and trying to keep them short and sweet.  Reading your posts allows me to hear a different voice and see a different summary and definitely keeps me sharp.  Thank you so much for keeping me on my toes!!!!

Mar 10, 2009 09:59 PM #8
Rainmaker
43,239
Vanessa V. Simmons
Real Living HER - Columbus, OH
Realtor

Wendy and Khash thanks for the comments and stopping by. 

 

Mar 11, 2009 05:54 AM #9
Rainmaker
72,351
John Jones
Dallas City Center, Realtors - Dallas, TX

they're doing this in Texas too, although there is no $2500 incentive.  that's interesting.

Apr 07, 2009 04:16 PM #10
Rainmaker
162,426
Lorinda Ward
Keffer Realty - Norfolk, VA
Serving, Hampton Roads Virginia. Norfolk, Chesapeake, Va Beach

This program is still going strong.  I love advertising these home and I have sold more than a few to happy clients.

May 10, 2011 01:53 AM #11
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Rainmaker
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Vanessa V. Simmons

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