Who is Eligible

Borrowers must be full-time, benefits-eligible employees or Postdoctoral Researchers and Fellows of the University of Pennsylvania or full-time employees of the University of Pennsylvania Health System (UPHS). 

Borrowers also must have successfully completed their probation period, and are either United States citizens or permanent resident aliens. Employees working on a contractual basis must have a minimum three-year contract.

Other Requirements

• Have a credit score of 630 or higher.
• Your debt-to-income ratio must be within the ranges of 33/38
• All programs applicants must work with one of the lending partners that participate in the PHOS program.  They are Allied Mortgage, Guaranteed Rate, and The Trident Group.
• Borrowers must meet lending partners’ credit guidelines. The final lending decision is at the discretion of the lending partners.
• One or two-unit primary residences must be located within geographical boundaries. When a property is located on a boundary line street, then only the property on the side of the street that falls into the boundary area qualifies.
• Attend the Exploring the PHOS Program, the mandatory session to participate in the PHOS Program Offerings.

If you are applying for both the CCRP and the Forgivable Loan Program, the fee is $100.

The availability of forgivable loans is subject to the program's annual funding limitations. The final decision regarding eligibility in the Forgivable Loan Program is at the discretion of Penn Home Ownership Services and subject to annual funding limitations. A borrower must meet minimum credit requirements to qualify for a Forgivable Loan.