Mortgage Home Loans

HUD $100 Down Program

Key Points to Consider:

1. This program will run through October 2012.

2. Must be Owner-Occupied Home.

3. Earnest Money Requirement (< $50,000 sales price) = $500 / (> $50,001 sales price) = $1,000.

4. Earnest Money must be in the form of a cashier's check or money order, made out to the Department of Housing and Urban Development.

5. Seller can pay for up to 3% of the sales price toward your closing costs.

6. HUD Home Search Site.

7. Normal FHA approval is required.

8. The $100 down payment incentive is only available if the purchase price of the home is equal or less than the appraised value of the home. If you have an accepted bid for over the appraised value of the home you must bring the difference as down payment to the closing. In other words, don’t over bid.

9. The $100 down incentive must be on the executed contract. That means you have to specifically request the incentive.

10. FHA 203k loans CAN be used with $100 down homes.