What does Fair Housing mean?
At the end of the Civil Rights Movement in April 1968, a national law was passed that prohibits discrimination in the sale, rental, and financing of housing based on race, color, national origin, religion, gender, and disabilities. This essentially protects anyone who is engaging in housing-related activities, like renting or buying a home or seeking housing assistance, from discrimination. This was called the Fair Housing Act and still is enforced today โ nearly 60 years later. Fair Housing Month serves as a reminder to all, banks and buyers alike, that the principle of housing is a fundamental human right for all people.
How Penn Community Bank is Supporting Fairer Housing
Creating affordable homeownership opportunities is what we do. In recent years, our commitment to fair housing has reached new heights โ expanding to new regions and impacting individuals and families across multiple counties. Community banks like ours play a critical role in forging a path to fair and equitable housing for as many people as possible. We know that accessible housing is the key to thriving and sustainable communities and are dedicated to building thriving communities, one mortgage at a time.
Penn Community Bank is proud of our involvement in the City of Philadelphiaโs Turn The Key initiative, a partnership helping up to 1,000 Philadelphia families become first-time homebuyers. With the challenges the current housing market has presented, this program gives hardworking individuals and families the option to buy a brand new home while paying lower than what they could be paying in rent.
Additionally, our partnerships with Urban League of Philadelphia and Clarifi support the nonprofitsโ first-time homebuyer and financial literacy programs. These partnerships are yet another way in which we are maximizing our impact of increasing access to affordable housing, while encouraging the entrepreneurial spirit that drives economic growth. We know handing over the keys and leaving participants to navigate this journey alone isnโt the answer. Thatโs why these nonprofits provide the education, resources, and counselors to help participants get through those next steps and remain financially empowered.
Home Opportunity Mortgage
Our Home Opportunity Mortgage program is built to increase access to homebuying resources and lending solutions. This unique lending option empowers modest income homebuyers, or those purchasing in low- and moderate-income areas, on their homebuying journey by offering:
- $0 Down Payment Options
- Reduced Closing Costs
- No Cost Homebuyer Education and Access to Grant Programs
- No Minimum FICO Credit Score Requirement
- No Private Mortgage Insurance (PMI)
- Competitive Mortgage Rates
Our 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. The new program expands Penn Community Bankโs commitment to increasing access to housing in the region, especially communities of color.
Related content:
Penn Community Bank Announces Partnership with Urban League of Philadelphia – Penn Community Bank
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Home Opportunity Mortgage – Penn Community Bank
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Removing Financial Barriers to Qualify for Homeownership w/ Peter Palumbo, Mortgage Loan Originator
https://www.youtube.com/watch?v=BvsJUhRHljw
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Penn Community Bank, Clarifi Partner to Increase Homeownership in Philadelphia – Penn Community Bank
