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PHOS Programs

Penn Home Ownership Services is committed to ensuring that the University community receives quality services that will assist prospective buyers and current home owners in making informed decisions. PHOS currently offers two boundary specific assistance programs: the Forgivable Loan Program and the Closing Cost Reduction Program.

Forgivable Loan Applicants: To best support the University’s community revitalization efforts through home ownership, enrollment in the Forgivable Loan Program for both a new purchase and home improvement requires homeowners to record a deed restriction for their property. The restriction limits property use to residential, single-family, owner-occupancy only. With this restriction, the property cannot be used or converted to use for rentals (exceptions are made for duplexes or a temporary leave due to university related sabbatical). The deed restriction stays permanently with the property and will transfer to future owners (e.g. in the event of a sale). For questions, copies of the forgivable loan terms and conditions, and deed restriction to review prior to application, please email

Additionally, in order to participate in either of these programs, you must meet the following guidelines:

  1. Borrowers must be full-time employees of the University of Pennsylvania or the University of Pennsylvania Health System (UPHS).  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 Center; 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 and Hospice including Wissahickon Hospice, Penn Care at Home, and Penn Home Infusion Therapy; and Good Shepherd Penn Partners.  These borrowers also must have successfully completed their probation period, and are either United States citizens or permanent resident aliens. Employees working on a contractual basis must have a minimum three-year contract.
  2. Have a credit score of 630 or higher.
  3. Your debt-to-income ratio must be within the ranges of 33/38
  4. 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.
  5. All programs applicants must work with one of the lending partners that participate in the PHOS program.  They are Allied Mortgage, Guaranteed Rate, and The Trident Group.

For specific details about each of these programs, please click on the links at the left. Visit the "My PHOS" section of this website and complete an online Intake Sheet if you are ready to apply for one or both of these programs.