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Philadelphia HUD Homes For Sale

Housing and Urban Development in Philadelphia. (HUD)

Philadelphia has been hard hit by the economic slowdown, consequently real estate is less expensive and prices are fairly stable. Low income seniors are the center of HUD activities in the city. HUD focuses on building and preserving viable neighborhoods through home ownership and rental opportunities. It oversees the FHA, the Federal Housing Administration, the largest mortgage insurer in the world, and adds to the stability of housing markets. HUD’s single family programs provide mortgage insurance on loans to purchase new or older homes, manufactured housing, condominiums and for reverse equity mortgages for seniors.

HUD also provides mortgage insurance to approved lenders to encourage the construction, rehabilitation and purchase of multi-family housing projects and health care facilities.

As of October 1, 2008, President Bush authorized assistance to homeowners having difficulty making payments and offered an opportunity for new mortgages for those who qualify. HUD is offering many foreclosed homes for sale right now. There are homes all over Philadelphia County. Look in Center City, Fairmount, South Philadelphia, Strawberry Mansion, Fishtown, Bridesburg, University City, West Philadelphia, and many other areas.

A licensed realtor who is registered with HUD can find a property to suit your needs, and if you qualify, help to arrange a FHA mortgage. A home is offered to an owner-occupant purchaser initially. Certain groups qualify for reduced price homes in designated areas: law enforcement officers, firefighters, teachers, emergency medical technicians, local governments and non-profits may qualify.

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