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Renters in Philadelphia who have previously been unable to qualify for mortgages may now see an opportunity of getting one. Also, people who are now thinking of buying their first home will have an added incentive. As a provision of the housing bill passed in July, first time home owners will stand to receive up to $7,500 in the form of tax credits.
The first payment due on this interest free loan would be after two years, and starting then the borrower would have fifteen years to pay it back.
Buying a home involved in Philadelphia Foreclosures would be a good option.
Homes are either foreclosed by the lender or by a government agency (HUD foreclosures). A lender would foreclose on a property when the home owner is unable to pay on the mortgage. HUD foreclosures would occur when there are pending taxes or fines against either the property or the home owner.
Listings of HUD foreclosures can be found with government approved estate agents, in newspapers and on-line. These properties are usually sold as they are, so special care should be taken in inspecting the property before making an offer.
When Philadelphia Foreclosures involve lenders, the property can be bought at the pre-foreclosure state (where the borrower is delinquent on the loan) and also after it has been foreclosed upon.
Banks, if given an option, would like not to foreclose on a property; it does take a good amount of time, money and manpower. If the homeowner facing foreclosure wishes to sell the house, banks have been known to accept less than the balance owed on the loan as a selling price for the house.
When dealing with banks to buy bank owned properties, one must remember that room for negotiation exists.
A decision to buy a house is an important one, so a fair amount of research is definitely called for.
HUD Fair Housing Equal Opportunity