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Thursday, December 13, 2007

HUD Incentives

The Department of Housing and Urban Development (HUD) has announced new incentives on Ohio HUD-owned properties that will make them more affordable for homebuyers. This program started November 15:

Ohio homebuyers will be able to purchase a HUD home with a $100 down payment when they use financing insured by the Federal Housing Administration (FHA). In addition, homebuyers can obtain a $2,500 sales allowance at closing that can be used towards closing costs, to make repairs to the home or to pay down on the unpaid principal balance of the mortgage.
If the borrowers do not use FHA-insured financing they can still qualify for a $1,000 sales allowance to be used for the payment of closing costs.

Source: TBR News