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Application Process

Prior 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.

Please Note: prior to the final approval of a Forgivable Loan from PHOS, an applicant will be required to sign off on the legal documents, which will include a restrictive deed.

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:

  • 2 Most Recent pay stubs, reflecting 30 Day’s YTD for all borrowers
  • 2 Years Most Recent W2s or 1099s for all borrowers
  • 2 Years Most Recent Federal Income Tax Returns (self employed/interest income) (including all schedules)
  • 2 most recent monthly bank statements
  • For investment real estate, evidence of ownership and copies of all current leases (to document rental income)
  • Fully signed PHOS Application
  • $100 non-refundable Application Fee
  • Credit report and scores from all three credit reporting agencies

Receive Pre-Approval Letter

The 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-Approval

Select one of Penn Home Ownership Services preferred lenders:

  • Allied Mortgage
  • Guaranteed Rate
  • Trident Mortgage

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 Realtor

Shop 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!


PHOS Lenders