$100 Down Payment Bidding Incentive on Utah HUD Homes
February 12, 2008
The government is currently offering some pretty amazing incentives on HUD homes for sale in Utah. Here are the current deals offered:
- $100 Down Payments! Available to owner occupant homebuyers when purchasing a property at full price and using FHA-insured financing.
- $500 Broker Bonus! Selling brokers can earn an extra $500 for full-price offers on “uninsured” properties when the loan is closed using FHA’s 203(k) Program.
The down-side of these programs are that they require the purchaser too bid for 100% of the asking price. But, for a $100 down payment, it may be worth it.
(By the way, if you’re bidding on a Utah HUD home and are already bringing a sizable down payment to the table, you may want to be wary of selling brokers who insist that you make a full-price offer. Sure, they get the selling bonus. But, that means you may be stuck with a higher mortgage payment than necessary).
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