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).