Philadelphia Launches Mortgage Program for First-Time Homebuyers

Philadelphia’s New Mortgage Initiative

The City of Philadelphia has initiated a groundbreaking mortgage program aimed at supporting first-time homebuyers. These prospective buyers, who may have less-than-perfect credit scores, will now have the chance to secure a 30-year mortgage with partial backing from the city.

About One Philly Mortgage

One Philly Mortgage is designed to assist individuals with credit scores starting at 620. The goal is to encourage the banking industry to take on the risk, with the support of the city’s backing.

If you have a credit score of 620, we want the banking industry to say, ‘Hey, we’ll take this risk, but the city of Philadelphia proper shoulders it,’ stated Mayor Cherelle Parker.

This initiative represents a significant step by the city to promote homeownership among those who might otherwise struggle to secure financing through traditional lenders.