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hud: MI Real Estate Answers: HUD Home or Fannie Mae - 03/01/09 10:17 AM
Q. If you had a choice between buying a home owned by Fannie Mae or HUD, which one would you choose, all things being equal?
A. What is most important is finding a home you're crazy about in an area you like that is mechanical sound. That said, however, the advantage of HUD is that they are offering a $2,500 owner occupant incentive which is applied toward your either your closing costs, tax prorations & repairs to the home. If all other things are equal, that's pretty nice incentive.
When you couple that with the $8,000 tax credit given to first … (1 comments)

hud: Taking The Leap & Leaving The Nest - 12/04/08 03:57 PM
There has never been a better time to buy your first home than right now. Given the current economy, you probably think I'm crazy, but hear me out.
First of all, interest rates are still really great and there are rumbles about them getting better. Second is the first time homebuyer tax credit passed this year. And third, the mortgage is likely to be cheaper than paying rent.
Case in point, my daughter.
After she graduated from college in May, we started running some numbers in preparation for her leaving the nest. She was looking at between $600-750 per month for … (0 comments)

hud: First Time Homebuyer Alert, Part 1 - 08/17/08 10:57 PM
If you've been on the fence about whether or not to buy your first home, NOW is definitely the time--before October 1st! The Mortgage Relief program recently passed by Congress goes into effect on that date and eliminates downpayment assistance programs. In fact, many mortgage lenders have already eliminated the option in anticipation for the October 1 deadline. After that date, the only assistance buyers will be able to get is through their family or friends in the form of gift funds.

Another perfect first time buyer option ends September 30th. Any HUD home purchased by an owner occupant buyer … (4 comments)

hud: Sweet Deal For 1st Time Homebuyers - 07/26/08 11:51 PM
Looking to take advantage of the great deals out there right now, my daughter just closed on a Redford foreclosure. Just a few years back, there was very little available under $100K for first time buyers. Now with HUD offering $500 down FHA mortgages with $2,500 buyer incentives, her house payment on a $50K home will be less than she would pay to rent an apartment, much less a house with a garage and basement! If you've got good credit with stable employment, it's a really great time to buy. The above incentives are only good through September 30th.

… (0 comments)

hud: Increased Sales But Half Are Foreclosures - 06/28/08 05:46 PM
Realcomp, our local and Michigan's largest Multiple Listing Service, released the latest sales figures recently indicating a 12.7% year to date increase in sales over last year for the entire MLS. Although the number of homes on the market has declined an average of 7%, more the half the homes sold in May were foreclosures. The good news is that Michigan has dropped to 5th in the nation in foreclosures, many homes are now priced to sell, and interest rates are still at historic low levels.
A particularly good bargain right now are HUD homes. They are currently offering buyer … (0 comments)

 

Debra Drummond | MichiganMoves Real Estate in SE Michigan

Plymouth, MI

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