+ExitTriCounty Posted May 19, 2009 Report Share Posted May 19, 2009 HUD has announced a new program for owner-occupant HUD home purchasers. If you qualify you can purchase a HUD home and get a $14,000 second mortgage on the home that can be used for down payment and/or repairs on the home. The second mortgage has no payment or interest and does not need to be paid back if you live in the home for 5 1/2 years. This type pf program is really needed since the majority of these homes need repairs and it is tuff for buyers to come up with the repair money. Why is this good for current home owners? The foreclosures are driving home values down. The faster the foreclosures are taken off the market (hopefully once and for all) the faster home values start to rebound, people start spending money, and people start getting jobs. And that certainly can't be too soon! Link to post Share on other sites
1novella Posted May 19, 2009 Report Share Posted May 19, 2009 UH!!!!!!!!!! I just had to have a house before I was 30. Hope you sell a bunch! Link to post Share on other sites
+ExitTriCounty Posted May 19, 2009 Author Report Share Posted May 19, 2009 UH!!!!!!!!!! I just had to have a house before I was 30. Hope you sell a bunch! Can you believe it? And HUD is going to sell the house for 85% of the appraised value. Didn't want to give em too much detail. So, very thing good? We have that TV stand for you guys but Chris said he bought you a really expensive new TV stand! Link to post Share on other sites
1novella Posted May 19, 2009 Report Share Posted May 19, 2009 Can you believe it? And HUD is going to sell the house for 85% of the appraised value. Didn't want to give em too much detail. So, very thing good? We have that TV stand for you guys but Chris said he bought you a really expensive new TV stand! he did, did he? We will be kidless on Friday night...maybe we can come and get it then... Might be able to grab a bit to eat and a beer if you and Toni want. Link to post Share on other sites
+ExitTriCounty Posted May 19, 2009 Author Report Share Posted May 19, 2009 he did, did he? We will be kidless on Friday night...maybe we can come and get it then... Might be able to grab a bit to eat and a beer if you and Toni want. Toni and Bill want. I think I should have tied in that gator name story in my post title. I am darn near giving away free houses but a couple thousand readers for for the gator name scandal post. Next thing you know some middle school is going to be the Volunteers or the Crimson Tide. Link to post Share on other sites
1novella Posted May 19, 2009 Report Share Posted May 19, 2009 Toni and Bill want. I think I should have tied in that gator name story in my post title. I am darn near giving away free houses but a couple thousand readers for for the gator name scandal post. Next thing you know some middle school is going to be the Volunteers or the Crimson Tide. post a supper thread.... you don't want in that fight... Link to post Share on other sites
+ExitTriCounty Posted May 19, 2009 Author Report Share Posted May 19, 2009 post a supper thread.... you don't want in that fight... I am tellin' you. Next time it is going to be "New recipe for BBQ Chicken" then Oh, by the way, did you know HUD...... Link to post Share on other sites
Monster Posted May 20, 2009 Report Share Posted May 20, 2009 These are for first time homebuyers, correct? There are only so many first time homebuyers left in the U.S. People are going to miss out on this and the 8k/10% tax credit, aren't they? Link to post Share on other sites
PauldingMom Posted May 21, 2009 Report Share Posted May 21, 2009 Wow, sounds great. Ya'all looking, check out the one on Legend Creek Lane. It's a beauty and CLEAN! Very little repairs, maybe some paint and carpet that's all. Link to post Share on other sites
rockster Posted May 21, 2009 Report Share Posted May 21, 2009 Honestly, why be promoting a SECOND mortgage???????? Link to post Share on other sites
Monster Posted May 21, 2009 Report Share Posted May 21, 2009 Honestly, why be promoting a SECOND mortgage???????? Because HUD is the new subprime. You used to be able to buy a home with no money down, now you can do it, only it is a better deal. The government just wants to make it look like it did something about the subprime loans. Link to post Share on other sites
+ExitTriCounty Posted May 21, 2009 Author Report Share Posted May 21, 2009 These are for first time homebuyers, correct? There are only so many first time homebuyers left in the U.S. People are going to miss out on this and the 8k/10% tax credit, aren't they? Don't have to be a first time buyer to qualify for the Georgia Dream down payment/repair $14000 program. Yes, people will miss out on the tax credit of up to $8000 if they do not buy and close before Nov 30, 2009. The tax credit is for first time buyers. The group that has just come into the home buying stage of life and those nearly there is bigger than the "baby boomer" group. There are a lot of first time buyers. And don't forget all the people that didn't have a chance to buy because home prices went up so fast. Link to post Share on other sites
+ExitTriCounty Posted May 21, 2009 Author Report Share Posted May 21, 2009 Honestly, why be promoting a SECOND mortgage???????? Hey, I am just the Real Estate Broker, I am not lending the money! Seriously, here is why the Georgia Department of Consumer Affairs and HUD have gotten together on this program: 1. Too many foreclosures are sitting there driving down home values. This will return those foreclosures to viable, occupied homes and that will help home values. If you want to fix the economy, you need to fix housing first. You call this neighborhood stabilization. 2. Gives low to moderate income families a chance to own a home. Now, just so you know, the government considers a family of four living on an $80,000 income to be moderate in Paulding county. 3. The taxpayers own the HUD homes. As a taxpayer, I want these empty homes sold. 4. Helping people with the down payment and repairs will move these homes faster. This time around you actually need and have to prove you have a good, stable job and a credit score and history showing that you are a good credit risk. In other words, you need to show you can afford the home. In many cases, people end up with house payments lower than the rent payment they had. 5. It costs less to give someone $14000 to buy the home than it does for the home to continue to sit empty with all the problems that go along with a vacant house. 6. The second mortgage has no payment. There is no interest. If the buyer stays in the home 5 1/2 years the government will forgive and release the second mortgage. You put the second mortgage on the home to make sure the owner stays there 5 1/2 years or the government gets the money back if the home sells earlier. So, does it help home values, create jobs and help the economy if the home is occuppied? They must have run the numbers and decided that $2545 per home, per year for 5 1/2 years is worth it. If you live next door or in the neighborhood I bet you think it is worth it. Link to post Share on other sites
+ExitTriCounty Posted May 21, 2009 Author Report Share Posted May 21, 2009 Because HUD is the new subprime. You used to be able to buy a home with no money down, now you can do it, only it is a better deal. The government just wants to make it look like it did something about the subprime loans. Sub Prime= Credit scores under 560, 580 (bad), no job verification, no income verification, high interest rates, adjustable rates, no money down and corporate creed. The little to no money is still there but the other stuff has gone away. At least give em the "new and improved" label. Link to post Share on other sites
akre0023 Posted May 24, 2009 Report Share Posted May 24, 2009 what exactly is avaiable to a family of 4 that makes $80,000 or less and does not have the best of credit? Link to post Share on other sites
1novella Posted May 24, 2009 Report Share Posted May 24, 2009 what exactly is avaiable to a family of 4 that makes $80,000 or less and does not have the best of credit? Bill at Exit helped my hubby and me (a family of 5) who make LESS than 50,000 per year get a great HUD home off of Hiram Sudie. 4bdrms, 2 bath, 2 car garage, with bonus room(aka playroom) for less than $80,000. He was great-tooks us a while to find it...but Bill and the gang at Exit just kept at it. Link to post Share on other sites
ram0265 Posted May 24, 2009 Report Share Posted May 24, 2009 Have they said how long they intend to have the new program? Link to post Share on other sites
+ExitTriCounty Posted May 25, 2009 Author Report Share Posted May 25, 2009 Have they said how long they intend to have the new program? I haven't heard how long it will last. But I think it is going to be around for a while if it proves to help sell homes. what exactly is avaiable to a family of 4 that makes $80,000 or less and does not have the best of credit? I emailed you back today. Let me know if you didn't get it. Thanks. Link to post Share on other sites
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