How much will I pay each month for the loan?

For the Mini-PHIL loan, payments are around $115 per month over 10 years if you borrow the full $10,000.

For the PHIL-Plus loan, payments are around $180 per month over 20 years if you borrow the full $25,000.

Do I need to have an account with the bank in order to apply?

No, you do not need to have an account with any of the banks to apply.

Why should I see a housing counselor?

Housing counselors are here to help you be the savviest homeowner you can be. They’ll help you with things you may not have even thought you needed. Counselors are trained to understand credit reports, assist you with creating a budget that is within your means, and so much more! The best part is their services are free. The only fee you may have is accessing your credit report which is between $10-$30.

Is there a minimum income eligibility to qualify?

No, there is no minimum. As long as your monthly debts don’t use up most of your income, you are eligible to apply.

If I am denied, can I apply again?

Depending on the denial reason, the Urban Affairs Coalition will work with your housing counselor to find a bank that you can re-apply with. If nothing can be worked out immediately, you can work with your housing counselor to fix the reason for denial and apply later on.

I inherited a property. Can I apply for this loan?

You must be listed on the title and deed to apply for a Mini-PHIL or PHIL-Plus loan.

Additional questions?

Call Urban Affairs Coalition at 215-851-1854.