PHOS Homeowners

If you have a forgivable loan or anticipate obtaining a forgivable loan, please read about Forgiveness, Payoff Request, Satisfactions and Subordinations. This section will provide you with information you need on:

  • The schedule for loan forgiveness (Forgiveness)
  • What to do if your home is no longer your primary residence or you cannot complete the terms of your loan (Payoff Request)
  • What to do if you wish to refinance your home (Refinance)
  • What to do if you sell or refinance your home and want to pay off the balance of your loan (Satisfaction)
  • What to do if you sell or refinance your home and want to keep your Enhanced Forgivable Loan (Subordination)

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.