In Palm Beach, Florida Foreclosed Home Purchase is Possible with Aid
Posted in Foreclosed Homes, December 22nd, 2009
Now the residents of West Palm Beach, Florida can easily buy foreclosed homes and properties. This is possible due to the implementation of an assistance scheme financially according to which at least 50% of the amount for the buyers of Coleman Park community houses and properties.
West Palm Beach Mayor, Lois Frankel observed that the ownership of homes program was formulated to support the homeowners with a moderate or a comparatively decent salary structure as this would lead them to the Coleman Park properties and create a more stable community in return.
Mayor explained that, though the number of criminal incidences has gone down in the past few years but it has somehow earned a bad name. She further emphasized that this property s just 5 minutes away from downtown and the waterfront. The Wells Fargo home loan manager in West Palm Beach, Andrew Weitch observed that the buyers can take a look at the CityPlace located in the south, as it is now transformed into a lively, steady and a safe neighborhood.
The houses that will be sold also include the new houses having 3 bedrooms. These houses are worth $150,000. The buyers are supposed to pay $75,000 while the city will pay the remaining half. Only $44,500 is to be paid for the houses that were foreclosed and have been rehabilitated again. In this case, the city will pay $89,000.
The police officers, employees and other workers of the city are expected to take reap the benefits of this offer. The applicants also must be clear about their financial and criminal backgrounds. Under this program only the lower income group of buyers are going to be eligible. This doesn’t include individuals who earn above $63,360 and the married couples with above $72,360 earning. If there is a family of 5 then to qualify for this program they should be earning hardly $97,680 or even less. Applicants should promise that they would use the property only for residential purposes and not for investment.
The home buying scheme according to Frankel, is a great deal for the buyers because it is running in concurrence with the other housing programs giving similar incentives. The city commissioners in a previous report expressed their doubts about the program’s condition according to which the buyers are eligible to go for a reselling of the homes and apartments after 3 years and earn the amount that was invested coupled with the profit of the sale. The commissioners felt that these buyers were not needy people but smart investors intending to earn a handsome profit.
