I've had many people ask me about HUD homes, and what exactly a Hud home is.
When someone buys a house with an FHA loan and defaults on the mortgage, the lender forecloses on the home. FHA then pays the lender and then HUD becomes the owner of the home. So quite simply, a Hud home = FHA foreclosure.
As of October 15th 2008 there are currently 29 Hud homes active on the market in St. Clair Shores. I've been in alot of Hud homes in the Shores and surrounding communities. Just like your regular bank owned homes, there are some in pretty nice condition, some need a little love, and some need a whole lot of work.
Currently, Hud is offering FHA financing for just $100. down. Yes, you read that correctly, $100. down! In addition Hud will allow you to ask for up to 3% in closing costs, and with that $100 down deal they are also offering an additional $2500. for closing costs. To take advantage of this special deal, you must be an owner occupant, not an investor and the purchase price must be above $25,000. Hud has not said how long these incentives will last, they were supposed to stop at the end of September, but they have been extended for now.
These incentives are a great opportunity for first time buyers to achieve the dream of home ownership!
If you would like to take a look at any Hud home in St. Clair Shores or Macomb County, give me a call, I'd be happy to help you find one and guide you through the bidding process from start to closing.
Contact me for a current list of Hud homes in St. Clair Shores and surrounding areas or for more information on St. Clair Shores Real Estate.
Mike Mitchell - REALTOR ®
GMAC The Kee Group
Direct: (586)291-2652
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