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Mini-PHIL
Home or Energy Improvement Loans
To help homeowners
avoid predatory lenders, the City, along with the Greater
Philadelphia Urban Affairs Coalition
and five banks (Citizens Bank,
Commerce Bank, PNC Bank, Sovereign Bank and
United Bank of Philadelphia), offers the PHIL-Plus and
Mini-PHIL loan program.
What is Mini-PHIL?
The Mini-PHIL Home Improvement Loan program helps Philadelphia homeowners
with less-than-perfect credit obtain the money needed to make energy-related improvements, emergency
repairs or to do small projects. You can use leftover funds to pay off
existing debt.
What are the features of Mini-PHIL?
- Borrow up to $10,000
- Terms up to 10 years
- Fixed interest rate
- No equity in property required
- No bank fees
- Free inspection of completed work
What type of property is
eligible?
Your property must be an owner-occupied residence located in Philadelphia.
Residences may contain between one and four residential units (duplex,
triplex, quadraplex). Condominiums are not eligible.
Who is eligible?
Even if you’ve had credit problems in the past, you might qualify
for Mini-PHIL. You must own and live in the house that needs repairs.
Your annual household income cannot be more than the amount listed below
for the number of people living in your home. (Income guidelines
subject to change.)
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Household
Size
|
Maximum Annual Household
Income
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|
1
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$58,075
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2
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$66,355
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3
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$74,635
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4
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$82,915
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5
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$89,585
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6
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$96,140
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7
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$102,810
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8+
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$109,480
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How to apply?
Call the Don’t Borrow Trouble hotline at 215-523-9520 or contact
one of the free housing counseling agencies.
Click
here for a list. A counselor will help you apply for a loan with
a participating lender.
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PHIL-Plus
Home Improvement Loans
For Philadelphians whose credit may not be perfect
PHIL-Plus loans are provided by the following
banks: Citizens Bank, Commerce Bank, PNC Bank, Sovereign Bank and United Bank of Philadelphia.
What is PHIL-Plus?
The PHIL-Plus Home Improvement Loan program
helps Philadelphia homeowners with less-than perfect credit obtain the
money needed to do large repairs or to make big improvements. You can
use leftover funds to pay off existing debt.
What are the features of PHIL-Plus
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Borrow up to $25,000
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Terms up to 20 years
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Apply for a 1-percent rate
reduction
after 24 consecutive, on-time monthly payments
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No equity in property required
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No bank fees
-
Free inspection of completed
work
What type of property is eligible?
Your property must be an owner-occupied residence
located in Philadelphia. Residences may contain between one and four
residential units (duplex, triplex, quadraplex). Condominiums are not
eligible.
Who is eligible?
Even if you’ve had credit problems in the
past, you might qualify for PHIL-Plus. You must own and live in the
house that needs repairs. Your annual household income cannot be more
than the amount listed below for the number of people living in your
home. (Income guidelines subject to change.)
Household
Size |
Maximum Annual Household Income |
1 |
$58,075 |
2 |
$66,355 |
3 |
$74,635 |
4 |
$82,915 |
5 |
$89,585 |
6 |
$96,140 |
7 |
$102,810 |
8+ |
$109,480 |
How do I apply?
Call the Don’t Borrow Trouble hotline at
215-523-9520 or contact one of the free housing counseling agencies.
Click here for a list. A counselor will help you apply for a loan with a participating lender.
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