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I already own a home, so I’m not a first-time home buyer. Can I still participate in Temple University’s Employee Home Ownership Program?

April 26, 2017buyer employee first-time Home I’m ownership participate program temple

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I already own a home, so I’m not a first-time home buyer. Can I still participate in Temple University’s Employee Home Ownership Program?

1 Answer

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Yes. The program is for all full-time employees purchasing a home in the targeted North Philadelphia zip code areas. It is not restricted to first-time buyers; however, you must move to the new home and reside in the home as your primary residence. I am purchasing a home that will become my principal residence, but I want to lease it to another party for the first six months after closing. Is this permissible under the Temple University Employee Home Ownership Program? No. The home must be used as the primary residence for the entire time period in order for Temple University to provide the loan.