$100.00 Down HUD Deal Cancelled

By
Mortgage and Lending with Lend Smart Mortgage NMLS#207208 NMLS 207208

Back in August 2008 I wrote a post (And You Really Thought You Can’t Get a Home with $100.00) about FHA HUD homes
having a special deal on certain properties that allowed only $100.00 down.  Well Folks FHA and HUD have decided to cancel this
program for the time being. The marketing company for Hud homes is Arizona is www.mcbreo.com.  They announced on
July 19, 2010 the incentive Expiration for Arizona and Nevada.

from mcbreo website: ” HUD’s $100 Down payment initiative will expire on July 31, 2010.  The $100 down payment was
for owner occupants (Any individual who purchases a HUD home as their primary residence for at least 12 months after
closing and who has not purchased a home from HUD as an owner occupant in the past twenty four months) purchasing a
HUD Home with FHA financing. This incentive will continue to be eligible for all contracts signed by seller by
July 31, 2010.  Contracts signed after the July 31,2010 deadline will not be eligible for the $100 Down payment incentive.”

This program was a good help to many buyers, and I am sad to see it disappear.  It seems like there are fewer and fewer
options for homeowners.

Posted by

Gary Miljour, Licensed Mortgage Loan Originator: 

 

 

 

 

 

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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Another nail in the real estate industry's coffin.

Aug 17, 2010 08:13 AM #1
Rainmaker
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Gary Miljour
Lend Smart Mortgage NMLS#207208 - Southern Pines, NC
Mortgage Originator NMLS Licensed in AZ and NC

Lenn,

 

If they keep this up, it will not be a coffin but a tomb.  RIP-mortgage lending industry 

Aug 17, 2010 10:46 AM #2
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Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Too much, too little, what do we really want when it comes to incentives and/or government intervention? 

Before it was sexy and I became an economist of sorts, I favored the route of privatization ... and all the while they decided to bail folks out ...

Give me Small and Local Banks and Credit Unions and let them play by the rules they want to lend by.  The very bunch that gripe about the wide-spread control of our government over lending are the first to whine when that wide-spread control doesn't fit into their mold of expectation.

Leave the lending to the lenders.  If their Underwriting is solid and their financials are solvent, the rest takes care of itself.  And if they decide to roll the dice (aka, gamble) and it doesn't work out ... there's a teacher called failure.

There's a viable option for homeowner's ... the incentive to own something to call their own. 

 

Aug 17, 2010 05:52 PM #3
Rainmaker
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Jackie - computer-training-atlanta.com
770.498.7333 - Atlanta, GA
Learn to leverage technology to get more done.

Gary - thanks for the heads up. I have to check and see if this program has been canceled in the states my clients cover.

Aug 18, 2010 04:38 AM #4
Rainmaker
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Gary Miljour
Lend Smart Mortgage NMLS#207208 - Southern Pines, NC
Mortgage Originator NMLS Licensed in AZ and NC

Sardi-Options are always good for some bad for others.  :)

 

Jackie-  Please check your specific state, HUD runs different incentives and do vary from state to state.

Aug 18, 2010 06:05 AM #5
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Gary Miljour

Mortgage Originator NMLS Licensed in AZ and NC
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