HUD Repo Incentive Program
• HUD has extended the Repo Incentive Program in the following states: Ohio, Michigan, Pennsylvania, Kentucky, Indiana, Illinois, and Tennessee. However, some of the parameters have changed. Please see the highlights below. The HUD Repo incentive program may be available in other states. Check the HUD link (http://www.hud.gov/homes/index.cfm) to determine any state specific incentives being offered. For example, if originating a loan in Colorado, the guidelines put forth by HUD regarding this program in Colorado MUST BE FOLLOWED.
• Indiana and Illinois
o $100 downpayment when using FHA financing. The $100 downpayment must be indicated on the executed sales contract.
o $500 bonus to real estate broker.
o $1,000 sales allowance, which will be credited at closing and can be used for closing costs, minor repairs or applied as a principal reduction. Contract must be signed by the seller within 30 calendar days of the initial listing date. In addition, the loan must close within 30 calendar days of the date the contract is signed by the Seller.