MCB Announcements

• April 25th, 2008 - MCB is Pleased to Announce New Property Listings in Michigan
  
• OWNER OCCUPANT SALES INCENTIVE IN MICHIGAN

All owner occupant purchasers (excluding HUD approved non-profit organizations and units of local government) will receive $2,500 at closing to use on repairs, closing costs, or to lower their mortgage amount without regard to the type of financing used by the purchaser.

$500 Broker Bonus! Real Estate Brokers get $500 for every HUD Home purchased by an owner occupant regardless of financing type.

$100 down payment financing is available on most properties through FHA approved lenders.

• ***FHA Special Sales Incentives *** NEW***  Please see information on these special programs under the “Announcements” of each state page.

• Your HUD Home can be Your Dream Home

  If you are thinking about buying a REO property that needs repair, FHA’s 203(K) rehabilitation loan or it’s simplified alternative, the Streamlined(k) may be a good option for you.  FHA’s simplified Streamlined(k) program for small-scale repairs is the perfect option for most HUD REO sales.  For the major repairs & more complicated renovation plans, the Standard 203(K) program is the option.  

  HUD Homes, like the majority of property re-sales, require some level of repair.  FHA’s Streamlined (k) program allows the buyer to finance both the purchase and the cost of minor repairs and/or upgrades through a single mortgage.  While there is no cap on repairs for the Standard 203(K), the Streamlined (k) allows for repairs from $1 up to $35,000. 

  For the Streamlined(k) option, homebuyers identify their repair needs, which may include: new carpet; interior and exterior paint; new appliances; kitchen or bathroom remodel; exterior landscaping and other minor improvements.

  A realtor or FHA approved lender will be able to answer specific questions about the Standard and Streamlined 203(K) loan program.  To find out more, visit HUD’s website at www.hud.gov/offices/hsg/sfh/203k/203kslrp.cfm or call 1-800-CALLFHA.

• Good Neighbor Next Door Program - HUD has revised regulations governing the Officer Next Door / Teacher Next Door / Firefighter/EMT Next Door Special Sales Programs. These Programs are now known collectively as the Good Neighbor Next Door Program. Please click here for an overview and refer to our Special Programs section of the website for more details.

• Sub-contracting opportunities in Colorado, Montana, Utah, and Wyoming. Details - RFPs