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Macomb County MI Real estate

Macomb County MI real estate blog

HUD and its $100 down program

January 6th, 2009 · No Comments · fha mortgages and first time home buyers, first time home buyers, macomb county mi real estate market, tips for purchasing a foreclosure

Kris Wales a Macomb County MI real estate agentAs it is with most mortgage programs and
down payment assistance, there is much
misinformation out there when it comes to the
program details.

HUD has a program for Michigan home buyers that allows for a $100 down payment when used with a FHA mortgage.

A couple of important details with this program:

  • You must occupy the home.  (It is not available for investors)
  • The purchase price of the home must be $25,000 or more.

I don’t know how long this program will last, but I will keep an eye on HUDs website for changes.    Another area that I will keep watch for is the new FHA mortgage limits for Macomb County.   We heard that it will be lowered this year to reflect the decreasing sales prices of homes in our area, but as of yet nothing is posted on HUDs website with confirmed numbers.

If you want to take advantage of the $100 down program for HUD homes please give me a call and I’ll be happy to refer you to an FHA mortgage representative that can explain this program fully to you.

Also, HUD keeps a list of available homes online by state.  Here is the link to Michigans HUD homes that are currently for sale.

~Kris Wales~
A partner for your real estate needs in Macomb County MI

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Important copyright information: All photos were taken by Kris Wales. Do not copy and use photos for your own use, whether it be for personal or commercial purpose. All articles were written by Kris Wales. Once again, do not copy and use for your own purposes. Important disclaimer: Views expressed on the blog by the author and commenters do not express the views of Keller Williams Realty. All information contained is deemed to be reliable at the time of posting but not guaranteed.