- Tax refunds could be a substantial influx of cash – use it wisely
- A tax refund could cover your whole down payment
- Funds to close are often overlooked until you have to pay for them
- Deposit the refund and keep it there to build your financial strength
With good planning, a tax refund could cover the whole down payment for a home purchase!
If you’re looking to buy a home at the start of the year, there’s good reason to hang on to your tax refund. This is the time of year when potential homebuyers have the most funds at their disposal, and that extra money comes in handy when making a down payment on a home, financing funds to close, or building financial strength. So don’t go on a spending spree just yet! Continue reading
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.
*Down payment and terms shown are for informational purposes only and are not intended as an advertisement or commitment to lend. Please contact us for exact quote and for more information on fees and terms. Not all borrowers will qualify.
The other day, one of my realtor friends called and asked if they should suggest that one of their sellers offer financial concessions to help sell the house. An interested buyer had the money for the down payment, but not enough funds to cover the costs & prepaids.
Of course, my answer wasn’t a simple “yes” or “no”…few of my answers ever are. But at the end of the day, if the seller is looking to close that sale ASAP, then Seller Concessions can be a beneficial utility.