12/19/2006 HOLIDAYS!
Our offices will be closed on Monday, December 25, 2006 and January 1, 2007 in observance of the holidays. The Sunday, December 24, 2006 bidding deadline is extended until 11:59pm Monday, December 25, 2006 and the Sunday, December 31, 2006 bidding deadline is extended until 11:59pm Monday, January 1, 2007. All bids received on December 24th and 25th will be considered to have been received simultaneously and bid results will be published on Tuesday, December 26th, 2006. All bids received on December 31st and January 1st will be considered to have been received simultaneously and bid results will be published on Tuesday, January 2, 2007. Happy Holidays!

12/06/2006 - HOLIDAY SALES INCENTIVES
FHA Brings the Holidays Home Sales Campaign: In an effort to increase owner-occupant ownership and FHA endorsements, HUD has approved the following marketing incentives in conjunction with the sale of HUD homes during this holiday season:
- $100 Down Payment
- $2,500 Holiday Improvement Allowance
- $500 Selling Broker Bonus
To be eligible for the aforementioned incentives, purchasers must agree to be owner-occupants and utilize FHA insured financing. Eligible properties include all HUD-owned properties advertised to the general public, beginning with the listings Friday December 8, 2006 and expiring midnight January 5, 2007 and includes all extended listings during this timeframe. This offer excludes direct sales such as Good Neighbor Next Door, sales to nonprofit organizations, sales to disaster evacuees, and Asset Control sales. The Holiday Improvement Allowance will be reflected as a buyer credit on the HUD-1 Settlement Statement and may be used by the homebuyer for cosmetic repairs such as new flooring, kitchen cabinetry, appliances, interior/exterior painting, landscaping, etc. The allowance may not be used to pay the down payment or closing costs.  All bid packages must be submitted within 48 hours of being awarded in the bid results section of the website.  The final bid packages to qualify for this program must be submitted by midnight Friday, January 5, 2007.  For more information, please click here.

11/22/2006 - THANKSGIVING DAY
Our offices will be closed on Thursday November 23rd, 2006 in observance of Thanksgiving Day. The Wednesday November 22nd, 2006 bidding deadline is extended until 11:59pm Thursday November 23rd, 2006. All bids received on November 22nd and 23rd, 2006 will be considered to have been received simultaneously and bid results will be published on Friday, November 24th, 2006. Happy Thanksgiving Day!

11/3/2006 - Clarification of the terms "closing costs", "selling broker commissions", and "downpayment":
Per the DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, 24 CFR Part 291,[Docket No. FR-4712-F-03], RIN 2502-AH72. Section III # 5 states the following:
Clarification of the terms "closing costs", "selling broker commissions", and "downpayment". This final rule continues to provide that HUD will not pay a buyer's closing costs on the purchase of a property through the GNND Sales Program. Further, HUD has revised the rule to specify that in no event will HUD pay selling broker commissions. The addition of this phrase clarifies that the purchaser is wholly responsible for paying closing costs and selling broker commissions in a transaction under this program. The closing costs are expenses borne by the purchaser to complete the sale. The selling broker's commission is one component of the closing costs owed by the purchaser.
The revision also serves to clarify that closing costs and selling broker commissions are not properly considered to be part of a required downpayment. The downpayment is a financial outlay made by the purchaser to acquire equity in the property and does not include closing or other costs that do not represent an investment in equity.
More information will be coming out on this program on or after Dec. 1st, 2006.

11/3/2006 - Veterans Day Holiday
Our offices will be closed on Friday, November 10, 2006 in observance of Veterans Day. All bids submitted Thursday will be reviewed on Monday simultaneously with those submitted Friday, Saturday and Sunday. Happy Veterans Day!

9/14/2006 - New Closing Cost Guidelines
Effective Oct. 12th, 2006 For all contracts executed on or after October 12th, HUD will pay up to and may not to exceed 3% of all 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. Please review HUD Notice H-2006-12.