$100 Down Payment with HUD Homes!

Are you or your buyer looking for a low down payment? Look no further! HUD (Housing and Urban Development) is still offering the $100 down incentive program when purchasing a HUD home (FHA foreclosure) in distressed areas like Michigan! HUD will pay $2,500 in closing costs for the buyer and a $500 bonus to the selling agent!

Do you or your client worry about the condition? Worry no further! We have answers! There are several ways to get money to fix the home including:

• Financing up to $5,000 in improvements with a regular FHA loan
• Financing up to $35,000 in improvements with the 203K FHA loan
• Financing repairs through MSHDA's Property Improvement Program

The HUD website is pretty user friendly. In Michigan go to:

www.mcbreo.com

On the right hand side of the website is a link to different states. Click on Michigan and you can type in an address to see the status.

On the left hand side is a link for purchasers. You can click on this link to find out about the process. You can also find out if the home is eligible for a FHA loan without repairs, with minor repairs (up to $5,000 that are financed in a regular FHA loan) or with repairs (which really means the repairs are more than $5,000 and you need the 203K FHA loan- see my 203K blog- 203K FHA Rehab. Loans- We are Signed Up and Excited!).

Even better is that if the HUD appraisal is less than 6 months old we can use that to further reduce the buyers costs!

To discuss buying a HUD home further, please give me a call at (616) 719-4513.