NEW HOMEBUYER INCENTIVES ANNOUNCED!

$2,500 Owner Occupant Sales Incentive Allowance

Take Advantage of BIG Incentives when you Purchase HUD Homes

***Effective February 21, 2008, there is a change to the sales incentives allowance which is now $2,500 for all owner-occupant purchasers (excluding HUD approved non-profit organizations and units of local government) in Michigan and Ohio regardless of financing type.  Please see below for details.

• Huge Sales Allowances!  All owner occupant purchasers (excluding HUD approved non-profit organizations and units of local government) will receive $2,500 at closing to use on repairs, closing costs, or to lower their mortgage amount without regard to the type of financing used by the purchaser.

• $100 down payment financing is available on most properties through FHA approved lenders.

***THESE INCENTIVES APPLY TO SALES TO OWNER-OCCUPANTS ONLY

Benefits of FHA Financing!

• Flexible underwriting!
• No minimum credit scores.
• Competitive, often lower, interest rates.
• Government insured.

Your HUD Home can be Your Dream Home:

If you are thinking about buying a REO property that needs repair, FHA’s 203(K) rehabilitation loan or its simplified alternative, the Streamlined(k) may be a good option for you.  FHA’s simplified Streamlined(k) program for small-scale repairs is the perfect option for most HUD REO sales.  For the major repairs and more complicated renovation plans, the Standard 203(K) program is the option.  Most HUD Homes, like the majority of property re-sales, require some level of repair.  FHA’s Streamlined (k) program allows the buyer to finance both the purchase and the cost of minor repairs and/or upgrades through a single mortgage.  While there is no cap on repairs for the Standard 203(K), the Streamlined (k) allows for repairs from $1 up to $35,000.   For the Streamlined(k) option, homebuyers identify their repair needs, which may include: new carpet; interior and exterior paint; new appliances; kitchen or bathroom remodel; exterior landscaping and other minor improvements.