The Atlanta Homeownership Center approved the use of two Sales Initiatives in the states of Kentucky and Tennessee. The $500 broker bonus was available for HUD listings with an effective date of September 1, 2007. The temporary suspension of the $100 Down payment was lifted, and it is now available for HUD listings with an effective date of October 5, 2007.

1. $100 Down payment financing is available on most properties through FHA approved lenders. (owner occupants only)
2. $500 Broker Bonus for sales throughout the entire HOC jurisdiction (owner occupants only) *Effective with bids awarded and contracts executed 2/13/08 and thereafter.

This makes the $100 Down payment initiative available for all HUD-owned properties advertised to the public, beginning with the listings October 5, 2007, and thereafter.

THE $100 DOWN PAYMENT INCENTIVE OR $500 BROKER BONUS IS NOT AVAILABLE UNLESS IT IS ON THE EXECUTED CONTRACT PRESENTED TO THE CLOSING AGENT BY THE M&M CONTRACTOR, and it is not available on contracts executed prior to the effective dates shown above.

Update:
8/26/08 - HUD has provided further information on the $100 down payment incentive for FHA financing as follows: The $100 Down Payment offer applies if the purchase price is less than or equal to the appraised value of the property. If the purchaser price is greater than the appraised value the purchaser may obtain a new FHA appraisal to support the higher mortgage amount or must pay cash in the amount of the difference between the appraisal and the price less $100.