Philadelphia is taking a bold step in the housing market. The city has announced the launch of the One Philly Mortgage program, targeting first-time home buyers with less-than-perfect credit scores. This initiative offers 30-year mortgages partially backed by the city itself.
Mayor Cherelle Parker emphasized the role of the city in encouraging banks to take risks on individuals with credit scores as low as 620. During her announcement, she stated, “We want the banking industry to say, ‘Hey, we’ll take this risk, but the city of Philadelphia proper shoulders it.’”
The program aims to provide opportunities for those who might face challenges in obtaining traditional mortgages due to credit limitations. By supporting these buyers, the city intends to foster homeownership and stimulate the local housing market. While taxpayers will shoulder the risk, the anticipated benefits include increased home sales and strengthened community stability.
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