Columbus Loans & Home Mortgages

When you finance a HUD Home with a Columbus home mortgage, the government gives you many incentives. Most incentives require FHA financing. This means that you will have to move into the house, so you can’t buy it as an investor.

Most HUD listings are in contract very quickly.  You really need to move quickly, if you are in the market for a new home. Make sure you evaluated different Columbus loans options and you are ready to submit an offer!

Here are the incentives offered by HUD:

$100 Down Payment Finance Option (Columbus home mortgage with FHA financing only)

The $100 down payment financing is available on most HUD homes through FHA approved lenders. Please note that the $100 down offer applies only if the purchase price is less than or equal to the appraised value of the property. If the purchase price is greater than the appraised value, the buyer must pay for another appraisal to justify the higher value. This may be tough, considering that most banks do not approve Columbus loans easily these days.

Please call us for a list of HUD approved FHA lenders who can work with the $100 down payment program!

$2,500 Sales Incentive (for properties with a purchase price $25,000 or greater)

Since October 1st, 2008 owner occupants have received a contribution of $2,500 from HUD (if the purchase price was $25,000 or more.)

This $2,500 sales incentive can pay for any of these items:
• Closing Costs
• Tax Pro-rations
• Repairs to the home, or to
• Pay down the principal balance of an FHA Columbus home mortgage

If you want to use this incentive for repairs, it will be deposited in a repair escrow account. You will get reimbursed when the repairs are completed and inspected.

$500 Broker bonus

This is an incentive for your realtor to promote HUD Homes over other listings. It’s not related to Columbus loans for financing the purchase.

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