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October 15, 2009 - ATTN. BROKERS:
What if my offer price is higher than the appraised value?
FHA guidelines will limit the underwriter to insuring the loan for the lower of two values; the offer price or the appraised value (displayed as the As-Is Value). If your offer price is higher than the appraised value, the FHA underwriter will require that your buyer(s) cover the overbid amount with a cash deposit. The buyer(s) will not be allowed to build the overbid amount into an FHA loan.
HUD’s mortgagee letter 2000-27 will require that the FHA UW use the appraisal obtained by PEMCO. This mortgagee letter instructs the FHA UW NOT to obtain a new appraisal; nor can the FHA UW request that new comps be pulled and the PEMCO appraisal updated.
If your offer price is higher than the appraised value and tentative acceptance is extended to you, the options available to you are:
1. Proceed with contract execution. PEMCO will require that the selling broker verify that the cash reserves are available to cover the overbid amount before we execute the contract.
2. Use cash or conventional financing. All of the guidelines outlined above apply to FHA financing only. A conventional lender will have their own set of guidelines not governed by HUD.
3. Cancel prior to contract execution. If there is an acceptable backup, we will award tentative acceptance to the backup offer. If there are no acceptable backup offers, the property will be relisted.
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February 13, 2008 - Attention Georgia Home Buyers and Brokers - "Buy HUD with FHA"
There is an update to the sales incentives that are available to buyers and brokers in the state of Georgia. Effective with the bids and contracts that were awarded on February 12, 2008, selling brokers representing owner occupant buyers are entitled to a $500 broker bonus; regardless of the type of financing that the buyers are using. (Prior to this update, the $500 selling broker bonus was being awarded only to brokers who represented buyers that used FHA203(k) financing. This is no longer a requirement.)
The $100 down payment option for owner occupant buyer purchasing a HUD home with FHA financing is unchanged and still in effect. |
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Where did that Property go?!: BidSelect includes properties that have recently gone under contract in the property search results. Contract Pending properties are sorted at the bottom of your search results. These properties are not available for bidding but allow you to continue to monitor them while they are under contract. |
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October 4, 2007 - Attention Georgia Home Buyers - "Buy HUD with FHA"
The following sales incentives are available on Georgia HUD-owned properties advertised to the general public, beginning with the extended listings on October 5, 2007.
1. $100 down payment for owner occupants purchasing a HUD home with FHA financing. This loan incentive is also available to owner occupant purchasers who obtain a FHA Home Repair.
2. $500 selling broker bonus for sales that use FHA 203(k) financing. (This incentive has been in effect since August 31, 2007)
It's a great time to Purchase a HUD home with FHA financing. Click Here to view program details. |
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ATTN: Nonprofit Organizations: Beginning August 15, 2007 HUD has implemented an on-line application process for all new Nonprofit Organizations seeking HUD approval for participation as a FHA mortgagor, purchasing HUD-owned homes at a discount or administering a Secondary Financing/Down Payment Assistance Program. Please click click here for more information. |
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NOVEMBER 1, 2005: This notice announces the eligibility of firefighters and emergency medical technicians to purchase HUD acquired homes located in HUD designated revitalization areas at a discount, in accordance with HUD's regulations for the Officer Next Door (OND) Sales Program. Inclusion in the OND program is designed to help more firefighters and emergency responders become homeowners, and will further the goals of the OND Sales Program to accelerate the revitalization of America's cities by promoting the integration of dedicated role models and mentors into the community.
FOR FURTHER INFORMATION: please check the HUD website at: http://www.hud.gov/offices/hsg/sfh/reo/goodn/main.cfm |
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ATTENTION HUD REGISTERED BROKERS: Please check under the Real Estate Licenses & Brokerage Information section in your Buyer Center Profile for the current status of your NAID on BidSelect. |
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Si usted le gustaria asistencia en espanol, favor de comunicarse al numero 800-881-9260. |