FHA Brings the Holidays Home

Here's a value added for your first time buyers;

To help increase homeownership opportunities during this holiday season, the U.S. Department of Housing and Urban Development is launching its special "FHA Brings the Holidays Home" sales campaign. This campaign is especially designed for low- to moderate-income families that may believe homeownership is out of their reach, by offering special incentives on the sale of HUD-owned single-family properties across the country.

"Buying a home is always an important event for a family," said Federal Housing Commissioner Brian D. Montgomery. "We want to make the homebuying process even more special this holiday season, by helping more families realize the American dream."

During the "FHA Brings the Holidays Home" sales event, homebuyers who purchase a HUD-owned home and finance the purchase with an FHA-insured loan will be entitled to valuable sales incentives including:

$2,500 Holiday Home Improvement Allowance

$500 Selling Broker Bonus

Minimum Required Downpayment of Only $100

The incentives are effective for HUD homes sold between Friday, December 8, 2006 and Friday, January 5, 2007 to homebuyers who intend to occupy the property as their primary residence for at least 12 months and who do not currently have an FHA-insured mortgage.

In addition to the special holiday sales incentives, buyers may also receive a credit for up to three percent (3%) of closing costs, a benefit HUD provides on most of its home sales.

This special sales offer may not be combined with other HUD discount sales including sales under the Good Neighbor Next Door Program, sales to nonprofit organizations, or sales to disaster evacuees.

More information about this initiative is available by calling 1-800-CALL-FHA, or on the Internet at www.hud.gov and espanol.hud.gov.

HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development, and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

 

FHA - Brings the Holidays Home

 

 

 

 

December REO Sales Event

FAQs

 

1. What is the "FHA - Brings the Holidays Home" sale?

Throughout the month of December, FHA is offering special incentives to owner occupant purchasers who buy a HUD Home and finance it with an FHA insured loan.

2. When does the Holiday Sale begin and end?

The FHA - Brings the Holidays Home sale begins Friday, December 8, 2006 and ends Friday, January 5, 2007.

3. What incentives are available to potential purchasers for this special sale? Homebuyers who finance their purchase with an FHA insured loan are eligible for a $100 down payment and a $2,500 holiday home improvement allowance. Additionally, the buyer's real estate broker will earn a $500 commission bonus.

4. How will the Holiday Home Improvement Allowance be paid and what can it be used for?

The $2,500 Holiday Home Improvement Allowance will be paid to the buyer at closing. The funds are intended to be used for such items as new flooring, kitchen cabinetry, new appliances, interior/exterior painting, landscaping or other home improvements

5. Who is eligible to buy a HUD home and receive the incentive?

Any individual who purchases a HUD home with the intention of occupying it for at least 12 months and finances the purchase with an FHA insured mortgage qualifies for the $100 down payment and Holiday Home Improvement Allowance. Buyers do not need to be first time homebuyers, but they cannot currently have an FHA insured mortgage.

6. Is the program exclusively for owner-occupant buyers or can investors also receive incentives?

This holiday sale is exclusively for owner-occupant homebuyers. Investors are not eligible.

7. Can buyers participating in other discount programs, such as Hurricane Evacuees or Good Neighbor Next Door buyers, get the benefit of both programs? No, purchasers who are already benefiting from a generous discounts through other programs are not eligible for the holiday sale incentive.

8. Are 2-4 unit properties included in the holiday sales program? Yes, one-to-four unit properties are eligible for the program.

9. Is there a maximum purchase price for the homes being offered in this special sale? No, any HUD home that is listed for sale and that is eligible for FHA insurance will be available for this sale.

10. Why must a buyer utilize FHA insurance financing to participate in the FHA Brings the Holidays Home sale? HUD authorized this special sale both to reduce its inventory and to encourage buyers to consider FHA insured loan products. FHA offers fixed and adjustable rate loans and provides borrowers with the best consumer protections in the industry.

11. What kinds of loans are available with FHA insurance? Contact your lender in your area for further details about the Purchase Money Loan (203b), Purchase and Rehabilitation Loan (203K), and the Easy K loan.

12. How can homebuyers find FHA approved lenders in their area? Using the Internet, log on to www.hud.gov. Once on the main page, navigate to the At Your Service section and click on Find a HUD-approved lender in your area. From there homebuyers can search the database for FHA approved lenders in their respective areas.

13. Can a buyer get these incentives and still be represented by a real estate broker? Yes. Because buying a home is the most important investment that most individuals and families make in a lifetime, HUD requires that all buyers of HUD homes be represented by a real estate professional. HUD pays selling broker commissions of up to five percent as stated in the sales contract, and, during the FHA - Bringing Home the Holidays Sale, selling brokers will earn an additional $500 commission bonus.

14. Where can I get more information? Interested homebuyers can learn more about the HUD property disposition program through the Internet at www.hud.gov and espanol.hud.gov. A real estate professional can also explain the process and requirements for purchasing a HUD home.