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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
             •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 ... more

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