HUD ANNOUCES HOME PURCHASE INCENTIVES IN MICHIGAN, OHIO, AND THE PHILADELPHIA AREA
Discounted HUD homes available immediately to interested, qualified homebuyers

WASHINGTON – U.S. Housing and Urban Development Secretary Alphonso Jackson today announced HUD is offering special incentives to homebuyers who purchase HUD-owned properties in Michigan, Ohio, and in the Philadelphia metropolitan area.

Beginning today, homebuyers in these depressed housing markets will be able to purchase HUD Homes, which can be found on HUD's Federal Housing Administration's (FHA) foreclosure inventory website listing with these added incentives:

1. $100 downpayment on an owner occupant purchase using FHA-insured financing
2. $2,500 sales allowance toward closing costs, repairs, or a mortgage balance pay down using FHA insured financing
3. $500 Selling Broker Bonus on an owner occupant sale using FHA-insured financing

 All HUD Homes that meet property condition requirements for FHA financing are eligible. This special incentive program ends September 30, 2008.  A HUD Home is a residential property acquired by HUD as a result of a foreclosure on an FHA-insured mortgage.  HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.

All properties available for purchase by the public are offered for sale on Internet listing sites maintained by management companies under contract to HUD.  Any real estate broker registered with HUD may submit an offer and contract to purchase on behalf of the homebuyer.  All HUD Homes are sold AS-IS and without warranty.  HUD and FHA recommend that anyone buying a home get a home inspection prior to purchase.

For more information about this program, contact (800)-CALL FHA or visit HUD's website for more information on HUD Homes in your area.

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