PNHS Revolving Loan Fund

The Revolving Loan Fund is used to provide low income homeowners and would be homebuyers with low interest loans that they may not otherwise be qualified for through conventional lenders. Submit the following items when you come to apply:

1. $25.00 Non refundable loan application fee.
2. $75.00 Inspection fee refundable through a credit at loan closing.
3. Social Security number for (you and your spouse)
4. References: name of nearest relative not living with you
5. Mortgage statement and Deed
   • name, address and account
   • number of mortgage company
   • purchase price and date of purchase
   • present mortgage balance
6. Verification of Expenses
   • gas or oil bill
   • electric bill
   • water and sewer**
   • real estate taxes**
   • mortgage payment
   • fire or homeowners insurance premium if not escrowed (not included in mortgage payment)
   • telephone bill
7. Verification of employment and income
   • pay stubs,
   • statements from social security,
   • disability, public assistance, child support (if to be considered), or rental income.
8. Fixed monthly expenses: credit cards, auto loans, bank or finance company loans, department stores, etc.
   ** If this is not current, you must secure a repayment agreement

Products

Home Improvement Loans:
The Revolving Loan Fund is a tool for providing home improvement money to homeowners who can't borrow from banks or other lenders at flexible rates or underwriting. The maximum amount available to borrow is $30,000, maximum term of the loan is 240 months (20years), and present interest rate is below market. Eligibility requirements include that the client live in PNHS’ target area and fall within the H.U.D.Section Eight 115% of median family income.

Purchase Money Mortgage Loans:
There is no ceiling on the amount that can be borrowed; the maximum term of the loan is 360 months (30 years). Eligibility requirements are the same as above and clients must attend housing counseling sessions. Low or below market interest rate and flexible terms.

Foreclosure Prevention Remediation Loans:

• RATE: 6.95%
• AMORTIZATION PERIOD: Maximum 120 months; maximum deferral of 18 months
• TRANSACTION TYPE: Payment of legal and sheriff's fees only to prevent for foreclosure
• PROPERTY TYPE: Single family or 1-4 unit attached/detached dwellings, condos and Plan Unit/Developments (PUDs)
• OCCUPANCY: Owner-occupied primary residence
• LOCATION: City of Philadelphia
• INCOME LIMITS: At or below 115% of area median income adjusted for family size
• MAXIMUM LOAN AMOUNT: $5,000
• MAXIMUM LTV: 80%
• QUALIFYING RATIOS: 33% / 45%
• CREDIT DOCUMENTS: Recent credit file report is required and cannot be in bankruptcy; no current bankruptcy application
• INCOME DOCUMENTS: Full/Alternate documentation
• FEES: $100 application fee (covers cost of loan processing, credit report, and other fees)
• CONTACT: Denise Jefferson-Bailey or Henry Moore at 215-476-4205; FAX 215-476-4271

Tax and Insurance Escrow Financing and Service Loans:

• RATE: 5.95%
• AMORTIZATION PERIOD: Maximum 180 months
• TRANSACTION TYPE: Payment of real estate taxes and homeowner insurance escrow for future payments
• PROPERTY TYPE: 1-4 unit attached/detached dwellings, condos and Plan Unit/Developments (PUDs)
• OCCUPANCY: Owner-occupied primary residence
• LOCATION: City of Philadelphia
• INCOME LIMITS: At or below 115% of area median income adjusted for family size
• MAXIMUM LOAN AMOUNT: $5,000
• MAXIMUM LTV: 50%
• QUALIFYING RATIOS: 28% / 38%
• CREDIT DOCUMENTS: Recent credit file report is required
• INCOME DOCUMENTS: Full/Alternate documentation
• OTHER REQUIREMENTS: Senior citizen, head of household, age 55 years or older; real estate taxes must be at least one year in arrears; all payment options available through the City of Philadelphia must be exhausted; post-purchase counseling
• FEES: $100 application fee (covers cost of loan processing, credit report, and other fees)
• CONTACT: Denise Jefferson-Bailey or Henry Moore at 215-476-4205; FAX 215-476-4271

PNHS/State Farm Major Systems Repair Program:

Requirements for these products are:

1. Home must be the primary residence and owner occupied
2. Income must be within Section Eight median income guidelines
3. Homeowner must receive housing counseling
4. Home must be located within targeted census tracts in Philadelphia.
5. Grants are only available in conjunction with a home rehab loan.