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UPDATE HUD Approved Owner Occupant Sales Allowance on HUD listings (Illinois and Indiana)

February 6th, 2009

Effective February 6, 2009, the Owner Occupant Sales Allowance for Illinois and Indiana property listings, both on and after this date, is reduced from $1,000 to $500.00. For Illinois and Indiana listings, on and after Feb. 6, 2009, the $500 Sales Allowance will be credited at closing, when an acceptable bid is received and accepted from an Owner Occupant bidder within 30 calendar days of the initial listing date. Only one (1) Owner Occupant Sales Allowance will be applied at settlement, per property, regardless of financing type for qualifying sales.

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