Attending  Exploring the PHOS Program webinar is a requirement of participating in our program.  Check the schedule below to see webinar dates. 

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Application Process

You do not need to formally apply to participate in the Closing Cost Reduction Program (CCRP). As long as you are purchasing a home within our eligible boundaries you can just make your lender aware of the program.

After you have completed the intake form and had your initial consultation, here are the steps you need to follow to participate in the Forgivable Loan Program. 

Step One:  Pay the $100 non-refundable application fee.

Step Two: Choose a lender from one of our featured lenders

Step Three: Get a Pre Approval Letter from Your Vendor.  You will need to provide the documents below to your lender in order to be pre-approved:

  • 2 Most Recent pay stubs, reflecting 30 Day’s YTD for all borrowers
  • 2 Years Most Recent W2s or 1099s for all borrowers
  • 2 Years Most Recent Federal Income Tax Returns (self employed/interest income) (including all schedules)
  • 2 most recent monthly bank statements
  • For investment real estate, evidence of ownership and copies of all current leases (to document rental income)
  • Fully signed PHOS Application
  • $100 non-refundable Application Fee
  • Credit report and scores from all three credit reporting agencies

Step Four  Once you get the Pre-Approval Letter, email a copy to Penn Home Ownership. We will also have to review the Letter to ensure you are eligible.

Step Five: Prior to the final approval of a Forgivable Loan from PHOS, an applicant will be required to sign off on several legal documents   You should review them prior to purchasing your home. These include

  • Restrictive Deed - By participating in the Penn Home Ownership Program, you are helping to build a strong, stable neighborhood in the area where you buy.  As a homeowner, you will have a continuing stake in the quality of your neighborhood, in ensuring that houses are well maintained, and that you receive good services from the City.  After you buy, we hope that you will become involved in the local community organizations, get to know your neighbors, and set roots in the area.  As part of the purchase, you will be agreeing to a Restrictive Covenant, which will require that the house must be your primary residence.  You will not be able to rent it to others.  If you decide to move from your neighborhood, you will need to sell your house to a new owner occupant who will also need to live in the house. The Restrictive Covenant binds the property and is recorded in the public records along with your deed.  It does not go away when you sell.  Future owners will be subject to this obligation as well.
  • Promissory Note
  • Open End Mortgag
  • Secondary Mortgage Document

Step Five: Identify a realtor. Once you secure a realtor who you find agreeable, provide a both copies of  the pre-approval letter to your realtor.

You are now ready to look for a home!