PHIL-Plus and Mini-PHIL Loans

Date: 
May 9, 2011

Looking for money to repair your home? Even if your credit is less-than-perfect you may qualify for a loan. The Urban Affairs Coalition works with the City of Philadelphia and community lenders to offer flexible loans for eligible borrowers to improve their homes, make energy-related improvements and even consolidate some debt.

Called “PHIL-Plus Loan” and “Mini-PHIL Loan” the loans are available to Philadelphia homeowners with low- to moderate- incomes.

The Mini-PHIL is worth up to $10,000 and is best for basic home repairs. The PHIL-Plus may be worth up to $25,000 for homeowners who have larger projects such as remodeling. You can use up to half of either loan to pay off existing debt. Neighborhood housing counselors provide free assistance to help you apply for the loan.

To find out if you meet the basic eligibility requirements go to the website ForMyPhillyHome.org or call 215-851-1854.