Closing Cost Reduction Program
The Closing Cost Reduction Program (CCRP) offers mortgage financing options with discounted closing costs (.25% of mortgaged amount) for the purchase and refinancing of a home when purchasing a residence within the PHOS boundary area. In partnership with its current mortgage partners, Penn Home Ownership Services (PHOS) can assist University of Pennsylvania and University of Pennsylvania Health System employees. UPHS entities include:
- The Hospital of the University of Pennsylvania; Clinical Practices of the University of Pennsylvania; Penn Presbyterian Medical Center of the University of Pennsylvania Health System; Pennsylvania Hospital of the University of Pennsylvania Health System; Clinical Care Associates, Inc.; Penn Medicine at Radnor; Penn Medicine at Cherry Hill; Penn Home Care & Hospice Services including Wissahickon Hospice, Penn Care at Home, and Penn Home Infusion Therapy; and Good Shepherd Penn Partners.
Eligible employees also include individuals who have successfully completed the probation period and are either United States citizens, permanent resident aliens or who work on a contractual basis and have a minimum three-year contract. To view the boundary map, click here.
The CCRP can be used with the $7,500 forgivable loan. Individuals who are interested in taking advantage of the CCRP must apply through Penn Home Ownership Services.
Eligibility
- Borrowers must be full-time employees of the University of Pennsylvania or the University of Pennsylvania Health System (see UPHS entities listed above) who have successfully completed the 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.
- 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.
- Borrowers must meet lending partners’ credit guidelines. The final lending decision is at the discretion of the lending partners.
- A $50 application fee is required with the submitted application for the CCRP only. If you are applying for both the CCRP and the forgivable loan, the fee is $100.
- To qualify for the CCRP and a forgivable loan, the debt to income ratio must be within the ranges of 33/38, and the credit score must be 630.
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Closing Cost Reduction Program
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Eligibility
Advantage
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- Borrowers must be fulltime employees of the University of Pennsylvania or the University of Pennsylvania Health System (including Clinical Practices, Clinical Care Associates, Presbyterian, HUP, Good Shepherd Partners, and Pennsylvania Hospitals) who have successfully completed the 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.
- One or two-unit primary residences must be located within geographical boundaries (see map). 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.
- Borrowers must meet lending partners’ credit guidelines. The final lending decision is at the discretion of the lending partners.
Borrower receives a nominal discount towards the total closing costs during settlement.
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