Heads up Michigan agents - HUD incentives are coming to an end

By
Real Estate Agent with Keller Williams Realty - Lakeside Market Center


I knew it wouldn't last forever, but I was kind of shocked to get the information in my email that the HUD incentives for Michigan are ending soon.

As of February 12th of this year (yes, less than 2 weeks away) HUD is putting an end to the wonderful incentives that they've been offering for the since the fall of 2008 in Michigan.

The $100 down FHA program will be gone, as well as the $2500 buyers "gift" on home purchases over $25,000.

Please please PLEASE if you are considering putting a bid on a HUD home and want these incentives your bid has to be accepted by February 12th.  Any bids  accepted after that date will not be able to use these incentives.

Agents and mortgage brokers:  If you have clients who are starting the process to purchase a HUD home and are counting on the $2500 or the $100 FHA down payment you will want to pass this information along to them quickly.

To read the announcement from HUD please visit Mcbreo.

 

 

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Rainmaker
2,374,415
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.

Dang those were good incentatives, your state didn't go for Obama did it ;>). But you're right to take advantage, I am surprised that we haven't seen more post on it.

Jan 30, 2010 11:43 PM #1
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920,196
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

I had not heard this. I will reblog late. Not much notice, huh?

 

 

Jan 31, 2010 12:06 AM #2
Rainer
340,913
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

Charles,  Locally we've been blogging about this, but you're right - probably not as often as we should have. 

Missy,  I forwarded you the email that I received yesterday from Mcbreo.  Less than 2 weeks notice!

Jan 31, 2010 12:20 AM #3
Ambassador
417,729
Jo-Anne Smith
Oakville, ON

Kris,

Sounds like a great deal....too bad it's ending soon. Hopefully many buyers will see your post and take advantage of the next two weeks.

Jo

Jan 31, 2010 12:35 AM #4
Ambassador
1,439,216
Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

Kris,

What's the assumption here by HUD? That the Michigan market has been cured and doesn't need any additional help? Pathetic.

Rich

Jan 31, 2010 12:55 AM #5
Rainer
340,913
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

Jo,  I hope that all of the agents and their buyers get the word on this quickly.  If I hadn't received the email from the agency handling HUD homes in our area I wouldn't have known about it. 

Rich,   Seems to me that once FHA came out with the changes that HUD is now following suit - the $2500 is gone (can't have the "sellers" paying more in concessions) and the $100 down program is in contrast to FHA's policy.  The decision surely can't be based upon our housing recovery, which by the way hasn't happened.  I'm at a bit of a loss as to why HUD would do this now, unless they want to be in line with FHA.

Jan 31, 2010 01:04 AM #6
Rainmaker
2,762,803
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Kris, For those sitting on the fence for a HUD home, I hope they don't lose out and then feel sorry they lost it.  It's a short time, they do need to act right now.

Jan 31, 2010 12:29 PM #7
Rainer
340,913
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

Carole,  They have 9 days left as of today.  I wish it had been publicized a bit more.

Feb 02, 2010 10:16 PM #8
Rainer
478,183
Not a real person
San Diego, CA

I'm surprised they didn't sent the information out by Twitter and put it on Facebook. Of course, since I don't do either of those, maybe they did and I just don't know about it!

Stop by the ActiveRain Super Bowl Party if you get a chance. Geaux Saints!

Feb 06, 2010 08:30 PM #9
Rainmaker
262,033
Mara Hawks
First Realty Auburn - Auburn, AL
Inactive-2012 REALTOR - Homes for Sale Auburn Real Estate, AL

This seems like a very short notice...not much time left to coral those last buyers.

Feb 12, 2010 12:13 PM #10
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Kris Wales

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