From dsnews.com:
HUD has approved a program aimed at putting foreclosed homes back into the hands of owner-occupant buyers.
In select states, from now into October of next year, buyers need a down payment of only $100 to purchase a HUD-owned REO home.
The buyer must be an owner-occupant, utilizing financing insured by the Federal Housing Administration (FHA). Standard FHA underwriting guidelines apply, and the sale must be for the full amount of the current list price.
The $100 down payment incentive program has been approved for two of HUD’s four national regions – the regions managed by the Denver Homeownership Center and the Atlanta Homeownership Center. HUD homes in the states listed, as well as the Caribbean are currently eligible for the program.
Denver Homeownership Center’s Jurisdiction:
- Arkansas
- Colorado
- Iowa
- Kansas
- Louisiana
- Missouri
- Minnesota
- Montana
- Nebraska
- New Mexico
- North Dakota
- Oklahoma
- South Dakota
- Texas
- Wisconsin
- Wyoming
- Utah
Atlanta Homeownership Center’s Jurisdiction:
- Alabama
- Florida
- Georgia
- Kentucky
- Illinois
- Indiana
- Mississippi
- North Carolina
- South Carolina
- Tennessee
- Caribbean
HUD’s $100 down payment incentive program can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on the home. The 203k program allows buyers to finance both the mortgage and additional money for rehabilitation needs with a single government-insured loan.
The CARIBBEAN????
Yeah Right.
This will solve all the problems.
Trust Obama. He’s the Messiah.
Now, onto the student debt crisis aka: “How I plan to sell the mASSES a plan to permanently make the next generation perpetual debt serfs”.
Note to jtr: unemployed debt serfs can no longer qualify to ‘buy’ over priced sfh anymore…
game, set, match…
Meet the next generation of defaulters. See “no skin in the game”.
None of these housing rescue programs have made much of a dent and neither will this one, but they’re gonna kick the can down the road for as long as possible. The housing market must be left alone to sort itself out. The weak hands will sell and the strong hands will buy.
Right now I’m planning an all cash purchase sometime in 2012 or 2013. I’ve made major lifestyle sacrafices and I’m stashing cash like crazy. The Del Mar area is my first choice.
I’ve learned so much about the SD market from this blog. Jim has definitely earned my respect and patronage.
“Now, onto the student debt crisis aka: “How I plan to sell the mASSES a plan to permanently make the next generation perpetual debt serfs”.”
A economy represents all the goods are services produced for consumption. Economic systems such as Capitalism or Communism determine how those goods and services are distributed. It would appear to me from the demographic curve that we only have a couple of options for the retirement of the baby boomer population.
1) Enslave the next generation such that they produce goods and most of that production is taken from them. They live as serfs while the retired generation maintains their standard of living.
2) GDP growth remains subdued and the retired generation standard of living and consumption decreases significantly while the next generation has the opportunities to succeed.
3) A major technology revolution comes along involving energy that greatly increases the productivity available for all to consume. I.e. the economy grows massively from a new source of cheap energy. Possibly options include Thorium Nuclear Coal, or Hydrogen Fusion.
I fear we end up in a fight over limited resources rather than a technological advancement that massively increases resources.
I am actually ok with this program.
If they would just go further and open the 203K program to investors with reasonable oversight, a lot of this inventory would get cleaned up pretty fast.
Livinincali,
ThoriumNuclearCoal. Can I put that in my Mr. Fusion to generate 1.21 jiggawatts? I may yet be able to get my flux capacitor to work out.
First destination? 1996 to buy some cheap coastal properties. Of course, I can’t bring my big-faced USD as it won’t be accepted; nor can I bring my gold, as it was basically worthless back then due to inflation. What do you suggest?
Chuck
$100 down payment? Jim, you mean I can sell my used iPod and become a homeowner? Count me in… (sarcasm)
Need free energy? Here it is.
http://www.ted.com/talks/justin_hall_tipping_freeing_energy_from_the_grid.html
Coal contains a lot of radioactive Thorium which has far more energy content than just burning up the coal in a standard coal fired power plant. There’s been experiment thorium nuclear reactors built throughout the world.
http://en.wikipedia.org/wiki/Thorium_fuel_cycle
There’s engineering challenges to over come but ideally you’d use thorium nuclear in conjunction with a Fischer–Tropsch process to liquefy coal and turn it into gasoline and other hydro-carbon based fuels. This would work in the interim until you unlock fusion power. Assuming you get everything worked out you have a stable long term energy solution that would allow for growth. Every unit of GDP and productivity has a energy and an efficiency component. Very cheap energy allows for the expansion of the economy.
Solar and wind are marketed like crazy by our media but they aren’t the answer to based load power generation. I.e. the power you need for manufacturing and automation. Of course I figure we’ll play politics until it’s too late and we’ll all be worse off.