Parke Bank HomePLUS Program

Philly First Home Grant

Philly First Home Grant

The Philadelphia Housing Development Corporation offers a homebuyer assistance grant of up to $10,000 (or 6% of the home’s purchase price, whichever is lower) to assist first-time homebuyers reduce the principal, cover down payment and loan closing costs through their Philly First Home Program.

What type of property is eligible for Philly First Home Grant?

The property must be a single-family home or duplex located in Philadelphia (no condominiums).

Who is eligible for Philly First Home Grant?

You must be a first-time buyer or have not owned a home in the past three years.
You must complete one-on-one homeownership counseling through a City-funded housing counseling agency before signing an Agreement of Sale.
Agreement of sale must be signed by homebuyer and seller on or after May 2nd, 2022.
You must be income eligible (see chart)

Learn about the Philly First Home Application Process here.

Note: If you are using more than one homebuyer grant opportunity, please confirm with your housing counselor that all grants are compatible with the Philly First Home program.

Parke Bank offers Mortgage Loan Program for eligible Philadelphia Communities.

Program Benefits

Finance up to 97% of the homes purchase price (minimum 3% down payment)
No Private Mortgage Insurance (PMI) required
Available for a primary residence or an investment property
Available for grant assistance

Program Eligibility

One-to four-unit residential properties including rowhomes, duplexes and multi-family homes are eligible
Property must be located within an approved majority-minority census tract in Philadelphia
Loans are for home purchases only (refinances are not eligible)

Borrower Requirements and Terms

Borrower must be an individual(s) and property title must be taken in the individual’s name
Investment properties are not required to be owner-occupied, but title cannot be taken in an entity name
Residential mortgage rates consistent with Parke Bank’s conventional mortgage rates

View Residential Mortgage Rates here.