Aiming to increase the rate of homeownership in Philadelphia by helping to provide equitable access for all, regardless of income or neighborhood
Even with a low down payment loan, the cash needed to purchase a home can be a major barrier for many buyers. Elfant Wissahickon REALTORS® has established the Building Equity Program to reduce that barrier.
How it works
When you work with an Elfant Wissahickon REALTOR® we will extend a commission rebate to you at closing as well as waive the commission normally due from buyers.
We have also built a network of mortgage lenders and title companies that will match our rebate or waive other fees at closing, if you choose to work with them.
Simply put, this program will reduce your closing fees and put some of the upfront costs of buying a home back into your pocket.
Up to a $1,595 value:
EWR commission rebate
Eligible buyers may receive a $500 commission rebate from Elfant Wissahickon REALTORS® at closing, which can be combined with other credits/gifts/grants (as approved by your lender). We will also waive the $395 buyer paid commission, sometimes called a Settlement Services Fee.
Matching lender rebate
Participating lenders are ready to preapprove the program and some, including Univest, RoundPoint and Prosperity Mortgage, will match the EWR $500 commission rebate.
Closing fees waived
Our affiliated title companies, Northwest Abstract and Class Abstract, will waive notary and administrative fees, which typically range from $150-$200.
• $500 EWR Commission Rebate
• $395 buyer paid commission waived
• $500 lender rebate
• up to $200 in title fees waived
= up to $1,595 total value
Buyer eligibility: The rebate offer is extended to FHA or other low down payment buyers represented by an Elfant Wissahickon REALTOR® with a purchase price at or below $200,000. Buyers must plan to occupy the home. Lender rebate and title fee waivers only available from participating companies. All terms are subject to lender approval.
Fit the criteria and already working with an EWR agent? You’re all set!
If you’re just getting started, the first step is to get in touch with an EWR agent, who can talk you through the entire homebuying process and how to claim your rebate.
EWR Building Equity Properties
The other way we’re working to increase equitable access to homeownership is to encourage sellers to accept FHA loans.
The potential for FHA-required repairs discourages some sellers from accepting an FHA offer (and is a financial burden that some low- to moderate- income sellers simply can’t afford). To help level the playing field for FHA buyers, we’re using our Equity Fund to offer sellers a rebate of up to $500 for FHA-required repairs.
Any Elfant Wissahickon REALTORS® Philadelphia listing sold for $200,000 or less to an FHA buyer is eligible, including buyers represented by an agent outside of EWR. Lender-required repairs on conventional loans may be considered while funds remain available.
Our Equity Fund
EWR’s commission rebate and FHA repair program are made possible by our Equity Fund, which was seeded by contributions from our managing partners and is replenished on an ongoing basis by contributions from our agents and our partner agencies. The work of building the network of participating lenders and title companies is thanks to our agent-driven Diversity Committee.
8039 Germantown Ave.
Philadelphia, PA 19118
2000 Pine Street
Philadelphia, PA 19103
Flourtown / REO
1511 Bethlehem Pike
Flourtown, PA 19031
License # RB047086C
2006 Frankford Ave.
Philadelphia, PA 19125
990 Spring Garden St. Suite 701
Philadelphia, PA 19123