BUYER INCENTIVES
HUD wants to help buyers purchase a new home. A variety of incentives exist to achieve that goal.
- $100 downpayment for purchasers using FHA financing. Owner Occupants Only. (Yes, you can finance all but $100 of your mortgage.)
- 203K loans. A type of FHA loan allowing you to finance repairs and improvements up to $35,000 into the mortgage.
- And don't forget, HUD will allow up to 3% of the purchase price for allowable closing costs, including loan origination fees. (In practice, this usually works out to be between $1500 - $2000.) My suggested bids do NOT include closing costs. If you select this option, the minimum bid will increase accordingly.
Eligibility varies per property, loan type, and listing date, and may be discontinued at any time. Please ask for specific incentives available when you inquire.