Philadelphia Mortgage Rates

To fully understand the Philadelphia Mortgage Rates, you might want to know about the real estate market. Because of the current economic recession, the Philadelphia Housing Authority or PHA has grown larger as the biggest landlord in the great state of Pennsylvania. Their main purpose is to help the local community with their housing situation. This is done with a wide variety of training courses, services and programs that are available to assist you in finding the home you have always wanted.

The home owners’ assistance program is just what it sounds like, it assists those that want to own a home to do so. The applicants must be employed full time and meet the minimum income requirements. Public assistance does not count as income for this program. There is housing counseling to help those wishing to participate. The counseling and training include pre and post home ownership counseling and how to get approved for home ownership training courses.

The securing of the financing for the purchase of the home is the responsibility of the family. Local banks and the Community Development Block Grants are 2 means to secure funding. All normal underwriting and inspections apply with this program. This will include a credit check on the applicants and income verification.

PHA does limit the types of loans that are allowed under this program. Only fixed interest loans are permitted, no balloon payment mortgages or variable interest rates mortgages are allowed.

After home ownership is obtained there is a limited assistance program. The home owner has to open an account and must have the equivalent of 3 months of mortgage payments in the account. The PHA will deposit funds into this account to assist the family make timely mortgage payments.

The Philadelphia Housing Authority is there to help you understand and obtain the right Philadelphia Mortgage Rates so you can own that dream home of your own.