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
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.
Lanre, thanks for your comment...Hopefully we will get families in some of these vacant properties.
Great article -- we have the same program in Colorado.
Kathy thanks for stopping by and sharing that info. I was wondering if other states had this program.
Vanessa thanks for the link and the info....peace zane
Zane thanks for stopping by
Great info Vanessa!
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!!!!
Wendy and Khash thanks for the comments and stopping by.
they're doing this in Texas too, although there is no $2500 incentive. that's interesting.