Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.
How Does HUD's $100 Down Program 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
•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 ... more
Are you on The Rain? Grow Your Network!