As of October 1st, 2016, The United States Department of Housing and Urban Development officially launched sales incentives for the states included in the HUD Philadelphia Homeownership Center region (Philadelphia HOC) for the purchase and sale of HUD Homes. The 2 incentives are designed to benefit both buyers and real estate agents registered with HUD and further supports HUD’s mission to provide affordable homeownership opportunities.
The Philadelphia HOC region includes Connecticut, Delaware, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia, and District of Columbia.
Effective October 1st, the following sales incentives are available on all properties sold within the Philadelphia HOC region:
- Buyer Incentive: $100 down payments on HUD Homes financed with FHA-insured financing for Owner Occupant buyers
- 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 http://www.hudhomestore.com/.