NHMS Web Site

10/27/2008	HUD HOMES SALES INCENTIVES for OHIO Owner/Occupant Purchasers ONLY
	$100 Down Payment Finance Option (FHA financing only) In item 4 of the HUD-9548 Sales Contract in the down payment blank please put the following statement: "$100 or TBD." This is to notify the lender that the intent is to use this incentive, assuming the purchaser qualifies for the FHA mortgage. $2,500 Sales Incentive (for properties with a purchase price $25,000 or greater) $500 Broker bonus (for properties with a purchase price of $25,000 or greater) Beginning October 1st, 2008 all owner occupants (excluding HUD approved non-profit organizations, Good Neighbor Next Door participants, and units of local government) will receive $2,500 at closing for properties with a purchase price of $25,000 or more. The $2,500 sales incentive can be used for the following items (for offers accepted after 10/1/08): • Closing Costs • Tax Pro-rations • Repairs to the home • Replacement of items in the home • Pay down the unpaid principal balance of an FHA insured Mortgage If the funds are used for repair or replacement of items, the incentive will be deposited in a repair escrow account for FHA financed sales or reimbursed upon submission of receipts. The $100 down payment financing is available on most properties through FHA approved lenders. Please note that the $100 down offer applies 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 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 purchase price less $100. For a copy of the flyer please click here.

10/10/2008	Agent/Broker Contract Instructions: Ohio Only!
	To indicate your Owner/Occupant's intention to use the FHA $100 down payment program in Ohio only, please put "$100 or TBD" in the blank line in paragraph 4 of the HUD-9548 Sale Contract. Then, if the FHA lender approves the $100 down, the contract properly reflects it, and if not, the "to be determined" notation will still allow the contract to be processed without further modification. If your ratified HUD-9548 Sale Contract requires a change to the type of financing being used, or if you need to add or subtract a purchaser, you MUST request approval of such modification AT LEAST three (3) business days IN ADVANCE of the scheduled closing date. Please email your request with the proper form from our website with all signatures as an attachment to Caroline.McGahan@nhmsi.com . If you fail to get this done timely, your purchasers will have to request and pay for an extension of the closing date through the HUD Closing Agent. Thank you for helping HUD and NHMS in this important program to sell HUD owned properties!

	OHIO Agents/Brokers, please note!
	Regarding Receiving Ratified Sales Contracts: Thank you for expediting your transactions by sending contract packages directly to our Bordentown NJ office. We are pleased to have a very active volume of sales occurring in Ohio! It is our goal to review, ratify, and return the complete and correct contracts we receive within ten (10) business days. Please keep a delivery tracking receipt that provides you with the date we signed for your package. Contact us after ten (10) business days have passed for a status check if you have not received your ratified contract before then. Send your inquiry with the Case# and Purchaser’s name(s) to: contracts@nhmsi.com.

8/28/2008	Ohio Brokers and Agents -- Expedite your Contracts!
	The New Jersey NHMS office reviews HUD-9548 Contract Packages for OHIO to be certain they are complete and correct before signing on behalf of HUD. To be as efficient as possible, it is best to overnight your package to the NJ address below. If you send or bring your package to the Ohio office, we will forward it on your behalf; however, the fastest service getting your ratified contract returned to you will be obtained if you send all contract documents directly to NJ in the first place. Thank you! Address: NHMS - Contract Review 3 Advantage Court Bordentown, NJ 08505 Phone: (609) 981-5500

8/27/2008	Updated Guidance for FHA $100 Down Payment Program
	The FHA $100 Down program applies 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 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 appraised value and the price less $100.