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Buy a HUD home with $100 dollars down

You have

• Good credit
• A stable job

You don't have

• savings for a down payment
• money for closing costs

HUD has a home buyer program that takes care of both of these for you.

It is the HUD $100 down payment assistance program.

You have to meet the requirements which include.

• 
  Owner occupancy
  Primary Residence -- buyer must live in the home for at least one full year
  
• Purchase price
  Buyer must make full price offer to HUD (i.e. must offer HUD's full asking price)
  
• Loan types available
  FHA Fixed Rate 30 year, FHA Fixed Rate 15 year, FHA Secure 30 or 15 year, FHA Stimulus 5/1 ARM (Adjustable Rate Mortgage)
  
• Income
  Must be able to document enough income that your debt to income ratios are 31% / 43%
  
• Maximum loan amount
  $362,790
  
• Property types
  Single family residences, townhomes, Planned Unit Development homes, condos
  
• Credit Score
  Minimum credit score is 580(*)
  Minimum 24 months since discharge of any bankrupties; 36 months since any foreclosure
  (*) Many lenders are requiring middle credit score of 620 or higher
  Eligibility
  
• All borrowers must have a valid social security number. All borrowers must demonstrate 2 years of employment history.
  
• Permanent Resident Aliens -- • Evidence of lawful, permanent residency issued by the Bureau of Citizenship and Immigration Services (BCIS), formerly the INS.• Copy of the Alien Registration Receipt Card (Resident Alien card), I-551
  
• Non-Permanent Resident Aliens• Primary residence• Borrower must be eligible to work in the U.S.• Evidence of valid Social Security number required• Evidence of residency and work status to be obtained through documentation from US Bureau of Citizenship and Immigration Services (BCIS) formerly INS• Copy of the Employment Authorization Card, I-688B. This card carries an expiration date.• A social security card is not acceptable as evidence of work status.
  
• Reserves
  There is no reserves requirement for the program
  
• Mortgage Insurance
  FHA mortgage insurance is required on all loans

*information deemed reliable but not guaranteed.

This is a great way to take advantage of the current low mortgage rates and low housing prices.

For a list of HUD homes in your area or to see if you qualify email us at 4SailRealty@gmail.com

or visit us at www.4SailRealty.com

Written by

Brian K Ellwanger

Broker/Owner

Four Sail Realty

Longmont Colorado

303-775-4121

2009 bigger! better 1st time home buyer tax credit!

A snap shot of the new federal 2009 tax credit:

The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit

call for more details. 303-775-4121

Did we hit bottom?

The National Association of Realtors said Monday that sales of existing homes grew 5.1 percent to an annual rate of 4.72 million last month, from 4.49 million units in January. It was the largest sales jump since July 2003.



Is this a sign of the bottom or just a fluke?



Home prices are down 15% from this time last year.

Inventory is up a little but this is typical for this time of year.



Property sales should get a boost this summer from the New homebuyers tax credit that came out with the stimulus.

This is a great time for investment. The rental market is good, money is cheap, prices are low, and the upside is huge.

• Mortgage rates are at a record low.
• Houses are on the clearance rack.
• The government is giving handouts with no strings attached.

One thing is for sure this market will change and if history is any indication it will be in the favor of the owner.

Will this be you in 5 years?(watch video)


of course I dont want you to call Remax.

Call me!

Written by:

Brian K Ellwanger, Broker
Four Sail Realty
303-775-4121
www.4sailreatly.com

Property of the day (ERIE)

Erie Condo

• $101k


• HUD foreclosure


• Just a quick cleaning and its ready to rent.


• Good cash on cash return.

Check out the video tour.

Call for a showing 303-775-4121