100 dollar down HUD program TERMINATED in Colorado, what other states are effected.

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Real Estate Agent with Home Real Estate

My broker learned some disturbing news yesterday about HUD's 100 dollar down loan program when she submited her buyer's package, What she learned it was no longer availbable to anyone in the US. My broker was initially in disbelief untill she called HUD herself and found out verbally and in a e-mail that it was no longer available.

Just in case you are suspicious, below you will find the e-mail response from the HUD director in Colorado:

From: Taylor, Larry W [mailto:Larry.W.Taylor@hud.gov]
Sent: Wednesday, December 01, 2010 11:49 AM
To: (Intentionally left blank)
Subject: RE: (intentionally left blank) 
I apologize for the confusion.  The $100 down incentive (not program) is no longer available in the Denver REO jurisdiction.  There are appearances of the incentive appearing on HUD's website and it is being removed as soon as possible.
 
Now, if the property was advertised under the old M&M 2 contract---in this case MCBREO with the $100.00 down and on their site-we will honor the incentive to the date the bid was acknowledged as the winning bid. 
 
We will be considering a need for future incentives based on market driven needs.  Please watch the current AM website, MLS, and hudhomestore for any future offerings. 
 
L.W. Taylor, Branch Chief
Real Estate Owned Division
Denver Homeownership Center

If anyone has had the pleasure of visiting HUD homes, you are aware that they are usually the worst of the worst when it comes to condition of the house. Some may have had different experiences, but most would agree with me regarding the conditon.

House in bad shape

This house was a dandy, not only were they hoarders in the worst way, but the house reaked so bad of cat urine, that I had a urine headache.

Hoarders house

Why would the government take away one of the only incentives that people had to buy these houses. To top it off we are in a down market with the housing inventory increasing to record levels and unemployment at a all time high. Our government ceases to amaze me with this type of nonsense. I wonder if it would be better sometimes if they did nothing at all instead of stupid stuff like this.

I mostly focus on the Denver Short Sale process for Denver Short Sales buy I have a lot of exposure to the HUD dealings in the Denver Metro area. Please contact your HUD state office and find out if the program is still available in your state. Here is the link http://portal.hud.gov/portal/page/portal/HUD/states

If you have the time, Check out the newest revisions to my website Denver Short Sales and let me know what you think

 

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100 dollar down program

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Rainmaker
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Ann Dail
Baton Rouge Area Homes, Louisiana, USA, 225-761-0551 - Baton Rouge, LA
Broker/Realtor,CRS, ePRO, SRS, B.A.Chem

I had not heard about HUD withdrawing this incentive.  Locally in Baton Rouge there was only 1 lender that I found who would honor it; most of the major lenders would not.  Sort of like the lower credit scores advertised. 

I have found condition of HUD varies a lot.  Here you can come across a HUD home in reasonable condition that will pass FHA appraisal with no problems, whereas others are much like the one you pictured here.  Buyer must definitely beware and buy informed.

 

Dec 15, 2010 02:51 AM #1
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Rainmaker
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Steven Wright

CRS - Home Real Estate - 720-989-5283
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