Philadelphia First-Time Homebuyers
One Philly Mortgage
A potential path to homeownership with 3% down and no PMI.
The anticipated One Philly Mortgage program is designed to make buying a Philadelphia home more affordable for eligible first-time homebuyers.
Program details, eligibility requirements, rates, income limits and property requirements are currently being finalized and are subject to change. Final eligibility must be confirmed with an approved participating lender and/or program administrator.
How One Philly Mortgage Could Help
Four straightforward steps to navigating the prospective program guidelines.
Meet Eligibility
Expected for qualifying first-time buyers who meet income, credit, property, and residency requirements.
Get Approved
Follows standard Conventional guidelines along with additional One Philly program overlays.
Buy Eligible Home
Targeted toward single-family purchases in Philadelphia within program price caps.
Stay in the Home
Anticipated to include a 15-year primary residency requirement for qualifying buyers.
Current Program Guidelines (What We Know So Far)
Anticipated program features based on proposed city guidelines.
💰 3% Down Payment
Minimum down payment expected to start at 3%.
🚫 No PMI
Eligible borrowers are expected to purchase without monthly mortgage insurance.
📈 Credit Starting at 620
Guidelines indicate credit scores accepted as low as 620.
📉 Subsidized Interest Rate
Aims to subsidize interest rates (~1% below Freddie Mac national average).
💵 Income Limit (~$147,000)
Household income expected to be capped at 120% Area Median Income (AMI).
🏠 $450,000 Max Purchase Price
Current maximum price cap targeted at $450,000.
🏡 Single-Family Homes Only
Condos, HOAs, and multi-family properties are currently excluded.
📅 15-Year Residency
Requires keeping the property as a primary residence for 15 years.
📚 Homebuyer Counseling
Completion of an approved housing counseling program will be required.
You'll Still Need Some of Your Own Money
One Philly Mortgage may significantly lower your costs, but grants and seller credits cannot cover 100% of upfront funds.
Minimum Required Borrower Funds
For example, on a $400,000 purchase, you must contribute at least $6,000 from your own qualifying funds. Gift funds are permitted under current program rules.
CALCULATE YOUR UPFRONT COST →May Be Combined With Other Assistance
One Philly Mortgage is designed to layer with select local grant initiatives.
✓ Philly First Home Grant
City homebuyer assistance grant designed for eligible first-time purchasers.
✓ TurnTheKey Program
Philadelphia initiative focused on affordable new-construction single-family homes.
Could One Philly Mortgage Be Right for You?
- ✓ First-time homebuyer purchasing in Philadelphia
- ✓ Looking at single-family homes up to ~$450,000
- ✓ Household income is approximately $147,000 or less
- ✓ Credit score of 620 or higher
- ✓ Have at least 1.5% in personal savings ready for purchase
- ✓ Seeking lower monthly payments with no PMI
You don't need to know if you fully qualify today—we're here to help you navigate your next steps.
Want More Information About One Philly Mortgage?
We are keeping track of program updates as details are finalized by the City.
Request Program Guidance
Submit your inquiry and our team at Best Philly Homes / KW Empower will connect you with current guidelines, eligibility requirements, and approved mortgage contacts.
GET PROGRAM INFORMATION →Free resource provided by Best Philly Homes. No obligation required.
Frequently Asked Questions
Do I have to be a first-time homebuyer?
Yes, current program guidelines indicate that One Philly Mortgage is intended exclusively for qualifying first-time homebuyers.
How much do I need for down payment?
The anticipated minimum down payment is 3% of the purchase price.
Is there private mortgage insurance (PMI)?
No. Eligible borrowers are expected to purchase without requiring monthly private mortgage insurance.
Can I buy a condo or multi-family property?
No, current proposed guidelines limit eligible purchases to single-family homes in Philadelphia without an HOA.
How much money do I need to contribute myself?
Current guidelines require at least 1.5% of the purchase price to come from the borrower's own qualifying funds.
Is the program available right now?
The program is currently being finalized by the City of Philadelphia and participating lenders. Guidelines remain subject to change.
Program Disclaimer: One Philly Mortgage is a City of Philadelphia program that is currently being finalized. Program terms, eligibility requirements, interest rates, income limits, property restrictions, and guidelines are subject to change without notice. The information provided on this page is for general educational purposes only and does not constitute a loan offer, pre-approval, or guarantee of eligibility. Final eligibility and mortgage terms must be confirmed by an approved participating lender and program administrator. Best Philly Homes / KW Empower.