Adding Financial Services

We are now helping clients with ALL their financial needs, not JUST real estate needs. More to come! Schedule an appointment today Call or text 404Eclipse (404-606-9353 or 770-655-7726).


Hello again. It’s Reggie Moon, Qualifying Broker with Eclipse USA Realty. Today I’m going to break down what it means to acquire a HUD house with $100 down. You hear it a lot, you see it on the HUD website, you see it all over the internet that you can acquire a HUD house for $100 down. Let me break it down for you. $100 is your down payment. The $100 down only applies if you’re an owner/occupant, and if you’re getting an FHA loan. You may say “What? $100 down and that’s it?” No. That’s not it. That is your down payment. It confuses people sometimes when we win the bid, and the next day I’m asking for $1,000 earnest money check, which I’ll talk about in a second.

Your down payment is what is required by FHA to get a home loan. Typical down payments for FHA loans are 3.5% of the sale price. So, if you have a $100,000 house, you’re going to pay $3,500 down as a down payment. If it’s a HUD house, and you’re going FHA it’s still the $3,500 , which is 3.5% of $100,000 instead of $3,500 it’s 100 down. That is your down payment. Now, HUD will pay up to 3% towards your closing costs. Let’s say your total closing costs are $5,000. In this example, HUD will pay $3,000 towards your closing costs. So, there’s still an extra $2,000 right? That gets added to what you have to bring to the table. So, as far as getting into the house, it’s not just the down payment. Although it’s a fantastic program, that’s not all you pay. You have to pay, as a buyer, closing costs that the seller is not paying. So, if your total closing costs for $5,000, and HUD is only going to pay $3,000 you get to pay the difference. So in real life a $100,000 house is $100 down, and about $2,000 in closing costs that you pay, then HUD will pay right at 3% ($3,000 in this example). To get into it, it’s more than $100. That’s just your down payment. There are closing costs that the seller (who is HUD) is not going to pay, and you have to pay that too.

The earnest money is different. The earnest money is contractual. It has nothing to do with the loan. If you win a bid, and it’s over $50,000 the next day if you win it you’ll need to write a check to HUD for $1,000. That is your earnest money, not to be confused with your down payment. Your down payment is part of a loan. The earnest money is part of the contract. You do get a credit back at closing for your earnest money that you paid. In this example, I said you would pay $2,100 to get into the house. If you put $1,000 down, at the closing you only have to bring $1,100 to close.
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What is the difference between Condo & Townhome

Hello again! It’s Reggie Moon, Qualifying Broker with Eclipse USA Realty. We get calls from buyers that think they are looking for a condo when really it’s a townhome, or vice versa. The biggest difference between them, is what do you actually own when you own EITHER.

Here are the basic differences. With a condominium you do not own the structure. You only own the air inside the four walls, the ceiling, and the floor. That’s what you own. You don’t own the building. You don’t own the grass outside, you don’t own the entrance, you don’t own anything to do with the exterior structure. Those things belong to the complex.
When you buy a townhome, it’s the same as buying a house except your neighbors are extremely close. Other differences involve financing. If you choose an FHA lender or loan program, know there is a rule that if the complex is more than 20% renters, you cannot buy in the complex. The complex management company has to fill out a form for the lender that confirms to the lender that at least 80% of the residences in the complex are owners.

So, that’s the difference between Condos and Townhomes. A Townhome may have a small yard in the front and back or maybe a courtyard. A Condo will share a common area with other condo owners. Keep in mind both usually have HOAs and both have limited parking. The newer models have a pool and are gated. Most of the older ones do not. Fore more information…….
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Here at Eclipse USA Realty, we pride ourselves in having Agents that are caring, compassionate, knowledgeable and professional. We answer our calls, have the answers TO those calls, educate our clients and are continually striving to maintain a higher standard!
Our Broker, Reggie Moon, was originally licensed in the state of Georgia in 2003 then transferred his license in November 2006 to NEO Realty. Less than a year later he bought the company and changed the name to Eclipse Atlanta Realty. Since that time we have grown to be experts in the following areas:

o HUD Home Sales
o Investor Properties
o Foreclosure Listing & Sales
o Inactive Agent Referral Program
o Strength in Industry Education
o Broker Availability
o Advanced Technology
o Disabled American Veteran Owned

We have been in business since before the biggest Real Estate Crash following the Great Depression. We have outgrown the National average growth consistently. Eclipse has maintained and is proud of our growth, thanks to our clients, agents and supportive partners.
At the time of this writing, we have increased our Agent base to 20, staff to 3, are licensed in Georgia & Florida, provide and support virtual offices, participate in Radio ads, print ads, social media networking, direct Business-2-Business & Person-2-Person marketing, with international investment marketing being entertained and prepared.
Eclipse USA Realty dba Eclipse Atlanta Realty, LLC

Sindy Moon
Marketing Director
404-ECLIPSE (325-4773) (office)
770-655-7726 (cell)
770-206-2338 (fax)
YouTube: 404ECLIPSE