HOPE FOR HOMEOWNERSHIP:
HUD CONTINUES TO OFFER DOWN PAYMENT ‘ASSISTANCE’

Recent release from HUD...


ATLANTA, Ga. – In a real estate market plagued by setback after setback -- and most recently, the termination of most down payment assistance programs -- the U.S. Department of Housing and Urban Development (HUD) in Georgia offers hope for homeownership, continuing to offer homes for sale with an option of a $100 down payment.
Amidst the collapse of other down payment programs, the “$100 Down Incentive,” which HUD unveiled in October 2007 as a means to promote and increase homeownership, remains available to owner-occupant buyers who purchase a HUD-owned home with FHA financing.
The incentive offer has been well received by purchasers, according to PEMCO Vice President, Kimiko Yamamoto.
“Since the introduction of the incentive almost a year ago, more than 600 HUD homes have been sold to buyers taking advantage of the $100 down offer. We expect to see several hundred more utilize what is becoming an increasingly unique opportunity.”
- more -


HUD DOWN PAYMENT ASSISTANCE – page 2

PEMCO, Ltd. is contracted by the Department to run the Georgia HUD Homes Sales Process, which consists of managing the sale of the one-to-four-unit residential properties on which a foreclosure action has been taken on an FHA-insured mortgage. HUD automatically acquires such properties, and through PEMCO, Ltd., offers them for sale to the public to recover the loss on the foreclosure claim.
There are currently more than 2,000 HUD-owned homes for sale in Georgia, varying the gamut when it comes to price, location and condition. Any of these homes which are eligible for FHA financing are eligible for the $100 down program incentive. In such sales, the $100 down payment takes the place of the standard 3% down payment required by FHA.
Anyone who is able to obtain financing is able to purchase a HUD-owned home by having a HUD-registered agent submit an offer via HUD’s electronic bidding system. The only buyer-requirement for those who wish to take advantage of the incentive is that the buyer must live in the home purchased as his/her primary residence for at least one year.
For more information about the HUD Homes Sales Process, the $100 down payment incentive or to search for HUD-owned homes currently available for sale, visit www.hud.gov or www.hudpemco.com.