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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.
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.
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.
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.
The boundaries in West Philadelphia are now City Line Avenue, Cobbs Creek Parkway, Woodland Avenue and the Schuylkill River.
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