Consumer Home Financing

Urban Redevelopment Authority of Pittsburgh
Consumer Home Financing

Home Mortgages:
Pittsburgh Home Ownership Program (PHOP)

First-mortgage financing for purchase of new or existing homes in move-in condition

LOW RATE of 5.99%

Have you dreamed of owning a home but thought you couldn't afford it? The URA's Pittsburgh Home Ownership Program (PHOP) provides fixed, low interest, 30-year mortgage loans for low to moderate income home buyers with down payments as low as 3%.

Down payment/closing cost assistance grants are available in the amount of up to $3,000 for all buyers.

What are the Program Features?

• 30 year, fixed rate mortgages for purchase
• Financing for up to 100% of the value of the home
• Low down payment cash requirements
• Grant funds for down payment and closing cost assistance are available, $3,000 for low income households
• Home may have 1 to 4 residential units.
• Borrowers in Target Areas may exceed the income limits

What are the Requirements?

• Property must be located in the City of Pittsburgh
• Borrower must be a first-time buyer (never owned a home or has not owned one for at least 3 years) if property is located in a Program Area.
• Borrower must occupy the home
• Borrower must be at least 18 years of age
• Borrower must have an acceptable credit record
• Income limits apply (Over-income borrowers who purchase homes in Target Areas may still be eligible for PHOP. Check with the URA or a lender for eligibility.)
• Purchase price limits apply
• Origination fee of 1.5% of first mortgage loan amount. This amount can be split equally between the buyer and seller or the seller can pay the total amount, but seller must pay 1/2 of the fee.
• Home buyer education may be required

How Do I Apply?

Once you sign the sales agreement, contact one of the PHOP Lenders and indicate that you want to apply for the Pittsburgh Home Ownership Program. The following documents will be required, however the lender may require additional documentation:

• W2s, tax returns (last 3 years), and pay stubs for the entire month prior to application.
• Name and address of employer(s) - two year history
• Name and address of landlord - two year history
• Open credit accounts: include all accounts and balances
• Last three (3) months bank statements: all account numbers and balances for checking, savings, IRA, etc.
• Copy of signed sales agreement. The following language should be part of the sales agreement: "This sales agreement is contingent upon the buyer obtaining a Pittsburgh Home Ownership Program Loan". Also, reference the seller's payment of half of the origination fee.
• If self-employed or commissioned: previous 3 years tax returns (all schedules) and a recent Profit and Loss Statement.
• If you do not have all of the above information, it can be submitted at a later date. However, it may delay the processing of your application.

Where Do I Apply?

• Dollar Bank 412-261-8018
• Howard Hanna 412-967-9000
• National City Bank of Pennsylvania 800-806-7681
• West Penn Financial 412-391-3200