Philadelphia Mayor Cherelle Parker expects to launch the One Philly Mortgage program by the end of 2026, offering first-time homebuyers 30-year, fixed-rate mortgages with down payments of 3% or less and no private mortgage insurance. The program would be available to households earning up to 120% of the area median income, with a minimum credit score of 620, and would use public funds to help reduce borrowing costs. Citizens Bank is expected to serve as the first lending partner, with the city seeking additional financial institutions. The initiative is part of Parker’s $800 million Housing Opportunities Made Easy (H.O.M.E.) plan, which aims to preserve or create 30,000 housing units. The proposal has drawn criticism from conservative media commentators who have compared it to subprime lending practices that contributed to the 2008 housing crisis. Drexel University economist Kevin Gillen also cautioned that expanding homeownership should not come at the expense of increased long-term foreclosure rates.
Source: Philadelphia Inquirer; 10/30/2026