In case you missed it, the U.S. Department of Housing and Urban Development launched new sales incentives for the states included in the HUD Philadelphia Homeownership Center region (Philadelphia HOC). The incentives are for the purchase and sale of HUD homes, and are designed to benefit both buyers and real estate agents registered with HUD.
The Philadelphia HOC region includes Ohio, Connecticut, Delaware, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia, and the District of Columbia.
The two incentives, which took effect October 1, include:
- Buyer Bonus – $100 down payments on HUD homes financed with FHA-insured financing
- Agent Bonus – Real estate selling agents (agent for buyer) get $500 for every HUD home purchased with a FHA Rehab Loan
In order to qualify for the broker bonus, the bid must have been awarded on or after October 1, 2016, and the purchase must be made with an FHA 203(K) loan. All HUD properties available for sale can be found at www.hudhomestore.com.
Contact our office to learn about HUD homes in your area so you can take advantage of these incentives.