blog2010-04-6/U.S. Department of Housing and Urban Development (HUD)

 

blog2010-04-6/U.S. Department of Housing and Urban Development (HUD)

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Published in: on April 7, 2010 at 09:52  Leave a Comment  
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Changes to HUD homes for buyers-

HUD BUYER AND BROKER INCENTIVES DISCONTINUED
  Effective February 12,2010, any properties listed and/or sold with FHA financing as of this date are no longer eligible for the $100 down payment incentive.

The Sales Allowance of $2500 for owner occupant purchasers will also be discontinued as of February 12, 2010 for all new contracts accepted on or after this date.

The $500 broker bonus for owner occupant purchasers who took advantage of the $2500 sales allowance is also discontinued as of February 12, 2010. 

Market Update-Lenders changing HUDs rehab guidelines

 

In an effort to help move foreclosed properties more quickly HUD announced on Friday the removal of 90 day waiting period to repurchase homes utilizing FHA financing!
 
This information just came out yesterday and more details to follow…however the following is a quick review;
 
–  Effective February 1st, 2010
–  All transactions must be arms-length in nature
–  Seller must hold title to the property
–  No previous flipping of the property during the last 12 months
–  Property was marketed openly and fairly
 
Key issue will be when property has increased 20% or more since title transferred;
 
–  Supporting documentation will need to verify sufficient legitimate renovation or appraiser needs to justify and explain increase in value
–  Property inspection will be required by lender
 
Again, this just was announced…please see attached from HUD and as I have more details will forward to everyone.

Published in: on January 19, 2010 at 07:00  Leave a Comment  
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