Can you believe these incentives?
$100 Down Payment Finance Option (FHA financing only)
$2,500 Sales incentive (for properties with a purchase price $25,000 or greater)
Beginning October 1st, 2008 all owner occupants (excluding HUD approved non-profit organizations, Good Neighbor Next Door participants, and units of local government) will receive $2,500 at closing for properties with a purchase price of $25,000 or more.
The $2,500 sales incentive can be used for the following items (for offers accepted after 10/1/08):
• Closing Costs
• Tax Pro-rations
• Repairs to the home
• Replacement of items in the home
• Pay down the unpaid principal balance of an FHA insured Mortgage
If the funds are used for repair or replacement of items the incentive will be deposited in a repair escrow account for FHA financed sales or reimbursed upon submission of receipts.
What is a HUD Home?
A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. Who can buy a HUD Home?
Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors. How are HUD Homes sold?
All properties available for purchase by the public are offered for sale at 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 your behalf. HUD pays the real estate broker's commission, if included in the contract. Are there any special programs?
Properties in designated areas are available at a reduced sales price to law enforcement officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments.
Should I get a home inspection?
We encourage you to get an inspection after your offer is accepted. All HUD Homes are sold AS-IS, without warranty. HUD will not make repairs nor pay to correct any problems. What about financing?
Although HUD does not offer financing directly, some of our homes qualify for FHA-insured loans. Shop around for a lender to find the best loan terms.
Contact4Homes.com will allow you to search Southeastern Michigan using an advanced "Map Based Search Engine". In addition, if you have any general questions about buying or selling real estate in Michigan, please contact me as I'm more than willing to help. Please browse my website for listings, reports and important local real estate information.
Sincerely,
Brian Butterfield HUD Real Estate Specialist
Keller Williams Woodward Market Center |  |
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