Coronavirus (COVID-19) Information and Resources


If refinancing your home with the intention of keeping your forgivable loan, a Subordination Agreement will be required. Subordinations are only considered for fixed-rate and term refinances. Applying for a cash out refinance and/or Home Equity Line of Credit are not permitted until the forgivable loan is completely satisfied. As stated in the legal documents, Penn Home Ownership Services will ONLY subordinate to the second or third mortgage position.

To receive consideration for a subordination agreement, please request that your proposed new first mortgage company send a letter to Penn Home Ownership Services, attn: Director and enclose the following:

  • your application and underwriter’s analysis (Fannie Mae 1003 & 1008)
  • your credit report
  • your blank Subordination Agreement
  • your overnight delivery information (otherwise it will be sent via regular mail)
  • your appraisal

An email from Penn Home Ownership Services will confirm receipt of the request. PHOS will review the documents, and if approved, the completed subordination agreement will be provided within fifteen business days.

Please send all Subordination request to:

Penn Home Ownership Services

3401 Walnut St.Ste. 440A
Philadelphia, PA 19104-6228
Phone: 215-898-7422

No fax or email request will be accepted.