🏡 ONE PHILLY MORTGAGE IS COMING

A new mortgage program could make buying your first Philadelphia home a lot more affordable.

Launching November 2026. 👀

Philadelphia is preparing to roll out One Philly Mortgage, a new program under Mayor Parker’s H.O.M.E. initiative designed to make homeownership more accessible for first-time buyers. What is~ One Philly Mortgage

And there are two BIG reasons this program has my attention:

📉 1% BELOW MARKET RATE

+ NO PMI 💰

Yes — you read that right.

Qualified buyers could receive a mortgage interest rate one full percentage point below market AND avoid private mortgage insurance. What is~ One Philly Mortgage

That could mean a meaningfully lower monthly payment for a first-time buyer.

💰 WHY THIS COULD BE A BIG DEAL

A lot of buyers assume the biggest obstacle to homeownership is the down payment.

But I always want my buyers looking at the whole picture.

Your purchase price matters.

Your interest rate matters.

Your monthly payment matters.

And how much cash you have LEFT after closing matters.

One Philly Mortgage is designed to address several of those pieces at once.

👀 COULD YOU QUALIFY?

Here’s what we know so far.

The City's suggested underwriting criteria currently include:

🟣 620+ minimum credit score

💵 Below 120% of HUD Area Median Income

🏡 Homes up to $450,000

🔑 First-time homebuyers only

💰 3% minimum buyer investment

📍 Philadelphia primary residence

🏠 Single-family homes only

🚫 No condos

🚫 No HOAs

📚 Pre- and post-closing credit counseling

The proposed program would also require buyers to maintain the property as their primary residence for 15 years, mirroring the Philly First Home program. What is~ One Philly Mortgage

📉 LET'S TALK ABOUT THAT 1% RATE DIFFERENCE

This is probably my favorite part.

One Philly Mortgage is designed to provide an interest rate one full percentage point below market, with the City paying the cost of that rate reduction. What is~ One Philly Mortgage

That matters because when we're shopping for your home, I'm not only concerned with:

“How much house can you get approved for?”

I'm much more interested in:

“What payment actually feels comfortable for your life?”

Those are two very different numbers.

💸 AND THEN THERE'S NO PMI

Putting less than 20% down doesn't necessarily mean you need 20% sitting in the bank.

But on many conventional mortgages, putting less than 20% down means adding private mortgage insurance (PMI) to your monthly payment.

One Philly Mortgage is designed to eliminate that expense. What is~ One Philly Mortgage

Lower rate + no PMI = a combination worth paying attention to. 👀

🧠 THE SMART-BUYER QUESTION I'M ASKING

Can we combine it with other assistance?

THIS is what I'm waiting to learn.

Philadelphia buyers may already have access to programs like:

✨ Philly First Home
✨ K-FIT
✨ Bank grants
✨ Down-payment assistance
✨ Seller assistance

If eligible buyers are able to combine certain programs with One Philly Mortgage, we could potentially create some really interesting financing strategies.

But we're not going to count money that hasn't been confirmed yet.

The preliminary information does not tell us which assistance programs can be combined with One Philly Mortgage.

I'll update my buyers once those guidelines are released.

🚨 LAUNCHING IN NOVEMBER

One Philly Mortgage is expected to begin rolling out in November 2026.

And I don't want my buyers trying to figure everything out the day applications open.

The City is still working with financial institutions to participate in the program, and the criteria released so far are described as suggested underwriting criteria, meaning final details may change. What is~ One Philly Mortgage

Here's what I'm watching for:

🏦 Participating lenders
💵 Final income limits
📋 Final qualification requirements
💰 Grant-stacking rules
📆 Official availability
📝 Application instructions

📲 WANT THE DETAILS WHEN IT DROPS?

Text 267-374-8036 or email noelle@agentcarterphl.com :

“ONE PHILLY” 🏡

I'll add you to my One Philly rollout list and keep you updated as we get closer to launch.

That way, when we know the participating lenders, final qualifications and application process, you'll already know what's going on and what your next step should be.

🏡 THINKING ABOUT BUYING SOON?

You don't have to wait until November to start preparing.

If buying your first home is part of your 2026 or 2027 plan, now is the time to understand:

Your credit. Your budget. Your buying power. Your timeline. Your options.

And we'll build the strategy from there.

💜 Ready to start?

Schedule a Homebuyer Consultation → Free Consultation

Let's figure out what buying a home could realistically look like for you.

One Philly Mortgage information is based on preliminary program materials available at the time of publication. Final eligibility requirements, participating lenders, rates, income limits, program availability and other terms may change.