'2008 Called...': Philly Plans City-Subsidized Mortgages With 3% Down And No Mortgage Insurance

Summary

'2008 Called...': Philly Plans City-Subsidized Mortgages With 3% Down And No Mortgage Insurance Philadelphia is preparing to launch a city-subsidized mortgage that lets first-time buyers put down as little as 3% and skip private mortgage insurance , with public money covering part of the interest. Called One Philly Mortgage, the program is part of Mayor Cherelle Parker's H.O.M.E. housing initiative. The city's flyer sets aside $25 million for "Low-Interest Mortgage Loans and down payments of no more than 3%," with "No Private Mortgage Insurance required." Parker described it to a special…

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