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Faculty/Staff Mortgage Program: Now at 120% for Area Properties
- A new option has been added to the Penn Guaranteed Mortgage Program,
allowing faculty and staff to finance 120 percent for a property needing
rehabilitation. The new program, which also has expanded boundaries in
West Philadelphia (see below), allows participants to finance 5 percent
of closing costs, with the additional 15 percent applied to home improvements.
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- This new option is available through Commerce Bank, the newest of
three lending institutions that now participate in the Penn Guaranteed
Mortgage Program, said D-L Wormley, managing director of community housing.
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- A prior option is continued--a 105 percent mortgage guarantee, with
5 percent to be used toward closing costs for homes purchased in West
Philadelphia. This program may be financed through Berean Federal Savings,
Commerce Bank and Mellon Bank.
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- Penn's Guaranteed Mortgage Program, initiated in 1965, offers faculty
and staff the opportunity to secure financing from private lenders for
single-- or double-unit homes situated within certain geographic boundaries--initially,
those in University City only.
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- The boundaries in West Philadelphia are now City Line Avenue, Cobbs
Creek Parkway, Woodland Avenue and the Schuylkill River.
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- Since 1965, more than 1,500 Penn faculty and staff have used the program
to finance their homes, Ms. Wormley said.
Return to:Almanac, University of Pennsylvania, March
17, 1998, Volume 44, Number 25 |