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