Application ProcessPrior to beginning the application process, please complete an online intake form. There are three ways to apply to the PHOS program: Closing Cost Reduction Program (CCRP Only), Forgivable Loan (FL) with CCRP and FL Only. Please click on the appropriate link below to access the application form. Click here for CCRP only. Click here for CCRP and FL.
Submit the Application Form with the following:The following documents must be submitted to the Penn Home Ownership Services Office within 15 business days after your Application is submitted so that we may continue to process your mortgage:
Receive Pre-Approval LetterThe Penn Home Ownership Program Manager will review your credit report, and income and asset documentation, Pre-Approval is at the discretion of PHOS. If you meet all program requirements, a Pre-Approval letter will be issued, listing all remaining pieces of documentation needed for your file. Obtain a Pre-ApprovalSelect one of Penn Home Ownership Services preferred lenders:
Provide your Pre-Approval letter from PHOS to your selected lender and request a lender's pre-approval that will tell you how much home you can afford. Send your lender's contact information to Penn Home Ownership Services Identify a RealtorShop around for a realtor that you find agreeable Provide a both copies of the pre-approval letter to your realtor You are now ready to look for a home! |