Philadelphia has introduced a new initiative to assist first-time home buyers. The program, called One Philly Mortgage, allows those with average credit scores to secure a 30-year mortgage.
The city partially backs these mortgages, aiming to provide opportunities for residents who might not qualify for traditional loans. Mayor Cherelle Parker, addressing the program, explained the city’s role in absorbing risks that banks might avoid. She stated, “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.’”
This initiative offers a solution for residents with a credit score slightly below typical loan requirements. It represents a step towards making homeownership more accessible, focusing on the community’s financial inclusivity.