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. By participating in the Penn Home Ownership Program, you are helping to build a strong, stable neighborhood in the area where you buy. As a homeowner, you will have a continuing stake in the quality of your neighborhood, in ensuring that houses are well maintained, and that you receive good services from the City. After you buy, we hope that you will become involved in the local community organizations, get to know your neighbors, and set roots in the area. As part of the purchase, you will be agreeing to a Restrictive Covenant, which will require that the house must be your primary residence. You will not be able to rent it to others. If you decide to move from your neighborhood, you will need to sell your house to a new owner occupant who will also need to live in the house. The Restrictive Covenant binds the property and is recorded in the public records along with your deed. It does not go away when you sell. Future owners will be subject to this obligation as well. Other documents that are available on line are the Promissory Note, Open End Mortgage and the Secondary Mortgage Document.
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! |