Closing Cost Reduction Program

Closing Cost Reduction Program Boundary Map

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The University of Pennsylvania announces the Closing Cost Reduction Program (CCRP) which offers mortgage financing options with discounted closing costs to the University Community for the purchase and refinancing of homes. In partnership with its current mortgage partner Advance Bank and its newest banking partner Wells Fargo & Company, PHOS can help eligible University and Health System employees save on closing costs when purchasing a home in West Philadelphia within Penn’s boundary area (see map). 

The CCRP, can be used with the $7,500 Enhanced Forgivable Loan Program (EFLP) (formerly the Enhanced Mortgage Program (EMP). Individuals who are interested in taking advantage of the CCRP must apply through Penn Home Ownership Services. For more information on the CCRP or any of PHOS’ other home ownership services call 215-898-7422.

Advance Bank

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Bank of America

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Gateway Funding

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Wells Fargo

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