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Michigan Announcements

• OWNER OCCUPANT SALES INCENTIVE

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 (cash buyers receive closing costs only).

$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.

• 04.14.08 ATTENTION ALL REALTORS AND PURCHASERS IN MICHIGAN

MCB is currently transitioning the HUD home inventory for the state of Michigan which includes inspecting each property, correcting property condition, and completing full reviews of all the relevant property documents in order to market these homes as accurately and quickly as possible.  We sincerely appreciate your patience and understanding through this process and we anticipate having properties available for bid shortly.  Please check our website every Friday for updated announcements and new property listings.

• ATTENTION ALL REALTORS AND PURCHASERS IN MICHIGAN

  Effective Monday, March 31, 2008, Michaelson, Connor & Boul will assume responsibility for the marketing and management of all Michigan properties that are not under contract with Chapman Law Firm. During this transition period all properties will be reanalyzed and listed in the near future.  Please check our website on a regular basis for announcements.

  If you currently have a signed contract to purchase a Michigan HUD home with Chapman Law Firm and need assistance please direct all questions to (216) 485-0700. Chapman Law Firm will continue to address property preservation and closing issues for properties under contract it has executed until May 14, 2008, after which they will be addressed by Michaelson, Connor and Boul. 

• Good Neighbor Next Door Program - HUD has revised regulations governing the Officeer 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 and on overview and refer to our Special Programs section of the website for more details.* As a result of the changes named above, the GNP-Stage 2 program is no longer available and properties will be relisted to the general list on Fridays, after the GNP-Stage 1 period has ended.

• CLOSING COST IMPLEMENTATION
  
  Please be advised that HUD’s new closing cost policy takes effect on any contract that is executed by MCB beginning on October 12, 2006. If your contract contains a request for more than 3% closing assistance, it must be received and in ready-to-sign condition (no corrections required) by October 11, 2006.  If it is not, you will be issued a correction notification to reduce closing costs to 3%. NO EXCEPTIONS

• NEW CLOSING COSTS GUIDELINES

Effective Oct. 12th, 2006 - For all contracts executed on or after October 12th, HUD will pay up to an amount equal to 3% of the purchase price for purchaser financing and closing costs considered to be reasonable and customary in the jurisdiction where the property is located. If the total closing costs reflected on the HUD 1 settlement statement are less than the amount indicated on the sales contract, HUD will reimburse only the actual costs charged and will not credit the purchaser with any difference either in cash or through a reduced purchase price. Within the three percent (3%) allowance, HUD will reimburse loan origination fees up to one percent of the mortgage. However, on an FHA 203(k) rehabilitation mortgage loan, HUD will reimburse one and a half percent

(1.5%) of the mortgage. NOTE: If the purchaser is requesting HUD paid closing cost assistance, the amount must be entered on line 5 of the bid submission form at the time the bid is submitted. Adding an amount to the purchase agreement after submission of the bid is not allowed.  Please review HUD Housing Notice H-2006-12