June 7, 2007 - Georgia LLB Solicitation
Attention Georgia Real Estate Brokers! PEMCO, Ltd. will be accepting applications for Georgia Local Listing Brokers starting Monday, June 11, 2007 through Friday, August 31, 2007. Please click here to download and print the LLB Application and Information Package.

February 12, 2007: FHA Streamlined 203k program (update)
Your HUD Home can be Your Dream Home
If you are thinking about buying a REO property that needs repair, FHA's 203(K) rehabilitation loan or it's simplified alternative, the Streamlined(k) may be a good option for you. FHA's simplified Streamlined(k) program for small-scale repairs is the perfect option for most HUD REO sales. For the major repairs & more complicated renovation plans, the Standard 203(K) program is the option.

HUD Homes, like the majority of property re-sales, require some level of repair. FHA's Streamlined (k) program allows the buyer to finance both the purchase and the cost of minor repairs and/or upgrades through a single mortgage. While there is no cap on repairs for the Standard 203(K), the Streamlined (k) allows for repairs from $1 up to $35,000.

For the Streamlined(k) option, homebuyers identify their repair needs, which may include: new carpet; interior and exterior paint; new appliances; kitchen or bathroom remodel; exterior landscaping and other minor improvements.

A realtor or FHA approved lender will be able to answer specific questions about the Standard and Streamlined 203(K) loan program. To find out more, visit HUD's website at www.hud.gov/offices/hsg/sfh/203k/203kslrp.cfm or call 1-800-CALLFHA.

February 7, 2007: Seeking FHA Appraisers - South Georgia and Metro Area
(added 2/12/07)
PEMCO, LTD. is a prime Contractor to HUD providing marketing and management services for HUD owned residential (1 to 4 unit) in Georgia. We are seeking qualified FHA certified appraisers to perform appraisal services for one to four unit HUD properties located in South Georgia and the Metro Area.

Appraiser must perform onsite appraisal. Appraiser must Licensed in the state of Georgia. Must have experience in performing FHA appraisals. Must provide evidence of completion of the minimum criteria of the Appraisal Qualification Board and FHA, and must be on the FHA Approved Appraiser List as an Active Appraiser. Appraiser must have internet, email, fax capability (see Georgia Contractor's page for more info, click here).

December 1, 2006: "NEW" -- OND/TND program name changed to GNND
The OND/TND sales program name has changed to the GOOD NEIGHBOR NEXT DOOR Sales Program (GNND) effective December 1, 2006. See HUD's Final Rule (click here to view).

December 1, 2006: BROKER SEMINARS - GEORGIA
If you are a Broker or Selling Agent interested in hosting training seminars, please email Alysia Hutchison, Georgia LLB Manager at ahutchison@pemco-limited.com.

November 30, 2006: "NEW" HUD Form
For your protection: Get a Home Inspection, form HUD-92564-CN (6/06)

November 14,2006:
Links to:
Frequently Asked Questions Updated
Georgia Local Listing Brokers
Georgia Closing Agents
Georgia F&E Rev. 11-13-06
California F&E Rev. 11-13-06
Hawaii, Guam, Marianas F&E Rev. 11-13-06

October 20, 2006: GEORGIA LLB Deadline! Noon, Monday, October 23.
All vendor applications for HUD Local Listing Brokers for Georgia MUST be submitted to Pemco-Georgia Office by Noon, Monday, October 23. Application packets should be faxed, with attention to the LLB Manager, to our Georgia office at 404-995-7110.

Again, the deadline is Noon, Monday, October 23.

Packets must include:
• Vendor application (down-loadable from this website)
• W-9 tax form (down-loadable from this website)
• Broker's License
• Business License
• Proof of General Liability Insurance

September 29, 2006 - New PEMCO, Ltd. Office in Atlanta, Georgia
We are pleased to announce that PEMCO, Ltd. has been awarded a contract by the U.S. Department of Housing and Urban Development to market and manage HUD single-family homes in the State of Georgia. Our Georgia office, located at Piedmont Center in Buckhead, Atlanta, will perform marketing and management services effective September 29, 2006. We are also happy to announce that First Preston will perform our property management servicing of HUD homes in Georgia to include property maintenance, preservation and protection services utilizing small businesses across the state. Please revisit our webpage for more details and listings in the coming weeks ahead. HUD single-family homes will also be listed in the local MLS as they become available for sale.
PEMCO, LTD. (Sales and Marketing - Georgia)
Piedmont Center
3525 Piedmont Rd., N.E.
Bldg. Five, Suite 310
Atlanta, Georgia 30305
Ph: 404-995-7111 Fax: 404-995-7110
Toll free: 800-881-9260

September 28, 2006 - Notice to Contractors in Georgia
First Preston is our Property Management subcontractor for the state of Georgia. First Preston is currently seeking quality, self-motivated contractors to provide field/preservation and protection services for residential properties located throughout the state of Georgia. First Preston is committed to providing only High Quality Services - on time, every time. Contractors must be experienced, equipped and fully insured

September 19, 2006 - "New" Closing Guidelines
HUD has issued Housing Notice H 2006-12. This notice supersedes Notice H 2005-12. Housing Notice 2006-12 states that upon closing of a HUD-owned single-family property, HUD will allow to be deducted from its proceeds, purchaser financing and closing costs considered to be reasonable and customary in the jurisdiction where the property is located. However, in no event may these purchaser financing and closing costs exceed three percent (3%) of the property's gross purchase price. 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. This notice takes effect on all contracts executed on or after October 12, 2006, click here to view "HUD Notice H 2006-12".

September 14, 2006 - Notice to Appraisers and Brokers in Georgia
Please download the Vendor Application from our Contractor's page, click this link "GA Contractor Forms."

August 21, 2006: FHA Streamlined 203k program (link to HUD)
- see update above 2/12/07
Your HUD home can be your dream home. A less than perfect house can become a dream home through HUD's "buy and repair" loan program, with no delay in sales. HUD Homes, like the majority of property re-sales, require some level of repair. FHA's Streamlined 203k program allows the buyer to finance both the purchase and the cost of minor repairs and/or upgrades through a single mortgage. From $1 up to $35,000 can be included into the mortgage to improve or upgrade a HUD home purchase. Homebuyers identify their repair needs, which may include: New carpet; Interior and exterior paint; New appliances; Kitchen or bathroom remodel; Exterior landscaping and other minor improvements.

A realtor will be able to answer specific questions about the Streamline 203k program. To find out more, visit HUD's website.

May 5, 2006: "NEW" SPECIAL PROGRAM FOR HURRICANE DISASTER EVACUEES
Hurricane Disaster Evacuees can purchase HUD Homes at a discount. The Special Lottery Program, effective the week of May 1st, 2006, will be in effect for a 12-month period.

HUD has announced a Nationwide Sale of HUD homes to disaster evacuees of Katrina, Wilma and Rita through a new special lottery system established for the Disaster Evacuees Participants (DEP).

Properties not previously listed that are eligible for FHA financing will be offered for sale by HUD exclusively to hurricane evacuees for a period of five (5) days at a discount of 10% off the list price established by PEMCO. New properties (if available) will appear on the lottery, under Special Programs, each Friday. Bids must be submitted by a HUD-registered broker. The lottery period provides for five (5) days of listing with buyers having five (5) days to present a complete contract to PEMCO. If, at the end of the five-day lottery period, only one offer has been received, HUD will enter into a purchase contract after verifying the buyer's FEMA registration number. If multiple offers are received on the same property, HUD will select the successful buyer by random lottery drawing.

This lottery will be concurrent with the current lottery offering for OND/TND/FND purchasers and Government/Non-Profit purchasers. The results of the lottery would provide for the following priority of purchasers:

• OND/TND/FND purchasers have the first priority for properties that meet that program requirement
• Disaster Evacuees have second priority.
• Government Non profit agencies have the final priority.

Terms of sale under this program:
• Buyers who are eligible for disaster assistance will receive a 10% discount off the list price established by PEMCO. Discounts are only available for purchasers during the Special Lottery.
• The Buyer must purchase utilizing FHA-insured financing or an all-cash sale. Buyers may utilize Sections 203(h) for Disaster Evacuees or 203(k) including a streamline 203(k) in order to purchase the property during the lottery period.
• The Buyer must utilize the services of a HUD-registered real estate broker (see Bid Page to Find a HUD Registered Agent). HUD will pay the sales commission up to 5% of the purchase price.
• The Buyer must make a minimum Earnest Money deposit of $500 for contracts resulting from this lottery.
• Buyers will be required to occupy the property as owner/occupants for one year from the purchase date.
• Buyers must have a FEMA registration number in order to bid in the lottery. Each prospective purchaser under this program is required to include a copy of FEMA's letter indicating his/her eligibility as a disaster evacuee with the usual contract documents.
• HUD will pay all of the Buyer's reasonable and customary closing costs up to 5% of the purchase price.

April 24, 2006: News Release from HUD:
HUD TO SELL HOMES AT A DISCOUNT TO DISASTER VICTIMS (click this link to view entire news release). Homes to be available to evacuees across the nation.

WASHINGTON - In an effort to assist families displaced by the Gulf Coast Hurricanes attain homeownership, the Department of Housing and Urban Development will give evacuees the opportunity to buy HUD-owned properties at a discount.

"Our goal through this housing assistance initiative is to give families who have been impacted by the disaster a chance to restore stability to their lives," said Federal Housing Commissioner Brian D. Montgomery. "By becoming homeowners, these families can begin to establish a sense of permanence as they concentrate on putting their lives in order." (read more)

April 2006: Thank you for your interest in HUD Homes.
Many of you have called us and asked, "Where can I find a list of HUD properties for sale?", or have reported, "Your website is not working, there's no listings!". Rest assured, our website is working but as many of you have noticed, our inventory in California, Hawaii and Guam have been relatively low compared to several years past. We want to keep up your interest in HUD homes, so we'd like you to know that when a new property does become available for sale, it will be posted on our webpage on Fridays AND will also appear in the local MLS. We appreciate your continued support.

August 1, 2005:
Our Sacramento office is now managing all HUD Single-Family REO in the State of California, State of Hawaii, Guam and Northern Marianas. For more information, please contact us. PEMCO, LTD. dba REO PEMCO. LTD., 1600 Sacramento Inn Way, Suite 210, Sacramento, California 95815, Tel 916.927.7313; Fax 916.927.7454

June 26, 2005:
"NEW" Forfeiture and Extension Policy. HUD has released a new list of allowable closing costs in Housing Notice 2005-12. The allowable closing costs will be in effect for sales contracts executed on or after June 26, 2005. The Forfeiture and Extension Policy (Addendum A, Rev. 6-26-05) can be found in the "Forms" section of this webpage.