Hawaii Randy's Real Estate Opinions: FHA Sales Incentive: Bring The Holidays Home

FHA Sales Incentive: Bring The Holidays Home

 

Aloha Everyone, I just received this notice from my local Wells Fargo agent about the new FHA holiday program. Reindeer

Effective for HUD REO sales contracts dated between
Dec. 8, 2006 and Jan. 5, 2007

 The U.S. Department of Housing and Urban Development is offering a special sales campaign, called "FHA Brings the Holidays Home." This campaign is especially designed for low- to moderate-income families and HUD-owned single-family real estate owned (REO) properties across the country.

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 sales incentives including:

  • $2,500 Holiday Home Improvement Allowance*
  • $500 bonus to the selling real estate broker
  • Minimum required down payment of only $100

The incentives are effective for HUD homes sold between Friday, Dec. 8, 2006 and Friday, Jan. 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.

The $2,500 Holiday Home Improvement Allowance will be a cash credit from FHA to the borrower at closing, which may result in cash back to the borrower on the HUD-1. This is acceptable for this program. Even though the borrower may receive cash back at close, WFHM must still verify and document the loan file to indicate the borrower has the required down payment and sufficient funds to cover their other costs.

Additional information on HUD disposition programs is available at http://www.hud.gov/ and http://www.espanol.hud.gov/

 

 

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Randy L. Prothero, REALTOR®

Broker-in-Charge, ABR, AHWD, CRB, CRS, e-PRO, GRI, MRP, SFR

eXp Realty

Team Leader - "The Prothero Group"

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.  His luxury home listings sell faster and for more money.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

www.HawaiiRandy.comOahu (Honolulu County) Property Search  Hawaii Military Relocations

Comment balloon 7 commentsRandy Prothero • December 11 2006 02:35PM

Comments

Randy, thanks for the Heads Up!
Posted by Michael S. Mackey, REALTOR ABR, CRS, GRI, RSPS (CENTURY 21 All Islands) almost 12 years ago

Michael - Ihaven't seen many FHA in the past.  I am expecting to see more of them next year.

Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) almost 12 years ago
Randy, thank you, I had not been told about this yet.  Thanks.
Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 12 years ago

I heard about that but we dont have much of those properties to support that program here in Hawaii....or do we? 

Posted by 1SG (Ret.) David Kucic, President and Owner (Hawaii Military Realty, Inc.) almost 12 years ago

George - your welcome, you have done such a great job of keeping us up to date.

David - I think we should get Brian from Wells Fargo to come to our sales meeting and bring us up to steam.

Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) almost 12 years ago
thanks, Randy! i've got to find out if that's available here-i guess it's nationwide?
Posted by Leigh Brown, CEO, Dream Maker - Charlotte, NC (Leigh Brown & Associates, RE/MAX Executive) almost 12 years ago
Leigh - Its FHA, so I think it is.
Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) almost 12 years ago

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