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.