Home Opportunity Mortgage supports modest-income homebuyers across the region
ย PERKASIE, Pa. (April 2023) โย Building upon its 150-year history of helping individuals and families achieve the dream of homeownership, Penn Community Bank today announced its Home Opportunity Mortgage program.
The new Special Purpose Credit Product ensures fair, affordable access to housing from the Lehigh Valley to Philadelphia and everywhere in between, by providing modest-income borrowers – or those purchasing in low- and moderate-income areas โ a unique lending option which includes:
- $0 down payment,
- No minimum FICO credit score,
- No Private Mortgage Insurance (PMI),
- Competitive rates
- Reduced closing costs, and
- Access to homebuyer education and grant programs.
โAs the largest mutual bank in eastern Pennsylvania, we know what it takes to build strong communities,โ said Jeane M. Vidoni, Penn Community Bank President and CEO. โOur new Home Opportunity Mortgage continues our commitment to empowering individuals and families on their homebuying journey and seeks to remove barriers that too often keep homeownership out of reach.โ
โHomeownership is the single best way to build and pass on generational wealth. Unfortunately, this path is increasingly out of reach for minority communities and those who fall into the low to moderate income bracket,โ said Steve Murphy, Penn Community Bank Chief Banking Officer. โOur team of expert lenders and community-oriented bankers is proud to deploy this new program to help anyone purchase safe, secure homes so they can live healthier lives and help secure their financial future.โ
Penn Community Bankโs Home Opportunity Mortgage program expands the institutionโs award-winning commitment to increasing accesses to housing in the region, especially communities of color. In 2022, Penn Community Bank partnered with Philadelphia-based nonprofit Clarifi to support grants and financial literacy programming for first-time homebuyers with a $100,000 contribution. Details about the program, including how to apply, can be found at www.clarifi.org.
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About Penn Community Bank: Penn Community Bank holds more than $2.6 billion in assets, employs more than 300 people, and offers banking and lending services at 20+ bank financial centers and three administrative centers throughout southeastern Pennsylvania. As an independent, mutual financial institution, Penn Community Bank is not publicly traded and operates with its long-term mission in mind: to help businesses grow and prosper, to provide financial resources to individuals and families throughout their lifetimes, to strengthen the local economy, and to partner with local organizations to act as a catalyst for positive growth in every market it serves. In support of this mission, Penn Community Bankโs charitable arm, the Penn Community Bank Foundation, contributes 5% of the institutionโs net income each year to area nonprofits and community groups making a difference in the region.
