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City Cast Philly

Buying a home is no task to take lightly. You have to consider factors such as whether this is your forever home or for-now home, how far your commute from work is, what schools are in proximity (if you have kids), and of course: cost. These days Philadelphia-area homebuyers have to earn 

at least $199,129 to afford a median-priced home

If you’re purchasing one for the very first time, all of this can be intimidating. Hey Philly spoke with Damien Manno, assistant vice president of real estate lending at 

This conversation has been condensed and edited for length and clarity.

What are the common mistakes homebuyers make?

"Not really planning for a rainy day. So you basically poured every available cent into the home and now you have no ability to address any situations that are going to pop up.

"Another factor that some homebuyers don't take into account is who they got their mortgage through originally. Sometimes they might go for that lowest rate and the fastest talker, and then they find out later that's either not really what they thought they were signing up for or that they have issues with things like servicing, who they're making payments to, and then they can't get any help.

"Some other common misconceptions that first time homebuyers have: They think that their payments are never going to change. And they don't necessarily take into account [that] the taxes are going to go up, insurance is going to go up. If they're in an area that has a homeowners association or they live in a condo building, those fees are going to go up."

What's usually the ideal credit score when you're home buying?

"If you're looking at a [First-Time Homebuyer] loan, which is government-backed, mortgages for first-time homebuyers are really geared towards buyers that are on the lower end of the credit spectrum that may not be able to qualify with everyone through a conventional mortgage program. Sometimes they'll go into the 500s, but usually it's around 600, 620.

"For conventional lenders, typically they want to see a credit score of 660 or higher. But the higher your score, once you're in the 700s, you're getting access to better rates, and that can lead to lower costs as far as your monthly payment goes."

Have there been any trends regarding Philadelphia's housing market and how it's impacting first time buyers?

"The housing market in Philadelphia, the values have gone up pretty significantly since COVID, which is a good thing for people who already owned a home and perhaps needed to start using that equity to renovate or upgrade the home at that point. But it can impact first-time buyers because of the fact that [they’re] coming into the market at a time when everything might seem a little overpriced.

"It's more advantageous in the sense that property taxes in the city are usually much less than what you're going to be paying outside the city and in the surrounding counties. However, you usually have to bring a little more to closing in Philadelphia because of the fact that there's transfer tax involved."

What resources are available to aspiring homeowners?

: You go through a home counseling program, and then they determine whether or not you qualify for the grant, which is at $10,000 right now. You're not repaying it unless you sell the home within a certain period of time. So, if you don't sell the home until after five years, the grant may be forgivable.

"There [are] other grants available as well that are not specific to Philadelphia, but for first-time homebuyers. There is the 

 that is sponsored by the Home Loan Bank of Pittsburgh, and we are one of the lenders that provide that grant. It only comes out once a year in the spring.

"Those grants like Philly First and First Front Door can be stackable. That means you can get more than one grant as long as the grant providers are cool with the fact that there's another grant on the property."

If you’d like additional support from Ardent Credit Union, its 

 is a free counseling service available to anyone. To access a loan through Ardent, you must join the credit union. You can also access 

additional housing resources on its website

Buying a home is just about the biggest purchase you can make, so follow these tips to make a sound financial decision.


How To Buy a Home in Philly 

Advice for First-Time Homebuyers in Philly

What Philadelphians have been wondering. We break down why things in Philadelphia are the way they are and how they work.

Philly, Explained

Located six miles northwest of Center City, Germantown is 

one of Philadelphia’s most historic neighborhoods

, and an area of both local and national importance.

first known organized protest against slavery in the Americas

 took place there in 1688, when four Germantown Quakers spoke against the practice at a monthly meeting. The neighborhood also served as a refuge for President George Washington, first in 1793 during the yellow fever epidemic and again the following summer when he took respite from the swampy heat in Washington, D.C. The home he lived in became known as the 

From its rich history to its modern-day sights, here are some great places to check out the next time you’re in the area. Shoutout to Hey Philly reader 

This space was created to provide underserved communities with access to books. They serve delicious coffee and pastries, a curated book selection, apparel, children’s games, and so much more.

This historic home and garden was built in 1744 and was home to the German immigrant Wister family for 160 years. It is now a museum and part of the Colonial Germantown Historic District.

Maplewood Mall and Armat Street, between Germantown Avenue and Greene Street

One of the neighborhood’s best-kept secrets is now yours for the taking! This city-within-a-city features local businesses and apartments and 

 to include roadways and plazas with seating and public art.

Within Green Street, W Chelten Avenue, Germantown Avenue, and W Rittenhouse Street

This 8-acre park offers playgrounds, adult fitness equipment, picnic tables, gardens, and plenty of pathways for the perfect afternoon stroll.

The Germantown Historical Society runs a museum on Tuesdays and Thursdays where you can see a typical home from 1750 to 1900, and an artifact collection.

Located 6 miles northwest of Downtown, Germantown is one of Philadelphia’s most historic neighborhoods, and an area of both local and national importance. From its rich history to its modern-day sights, here are some great places to check out the next time you’re in the area.

Get To Know Germantown in Philadelphia

Everything to know about Philadelphia neighborhoods: Where to go, eat, shop, drink, and more.

Philly Neighborhood Guides

Neighborhood Guides

Philly-area natives have plenty of unique slang. If you’re new to the city, here’s a quick breakdown of some common words and phrases you need to know:

In the Philly dialect, “water” is pronounced “wooder.” And of course, the city’s favorite frozen treat is commonly called “wooder ice” 🍧

The first ATMs in Philly were called MAC, which stands for Money Access Center. MAC machines are no longer around, but many still use the term, like West Philly native and “Abbott Elementary” creator 

These are just super quick ways of saying “did you eat?” or “did you eat yet?”  What we’re really asking is if you want to join us on a Wawa run to get a 

“Bul” or “youngbul” refers to a boy or young man. This one has a lot of 

This term, which is rooted in African American Vernacular English (AAVE) and 

” can basically mean anything. It’s a multipurpose noun replacement. A car, a 

, an Eagles jersey, all of these are jawns.

Learn more about the history of this term and 

dig into the debate around language ownership and identity

 with linguist Dr. Taylor Jones. [City Cast Philly 🎧]

” and your thoughts could be featured in an upcoming Hey Philly jawn! 🗣️

Philly-area natives have a distinct way of speaking, and plenty of unique slang. If you’re new to the city, here’s a quick breakdown of some common words and phrases you need to know. 

Your Guide to Philly Slang

Translating Philly Speak

This South Philly neighborhood is bordered by Snyder Avenue to the north, Oregon Avenue to the south, and South 7th and South Broad Streets to the east and west. LoMo is known for its family-owned restaurants and 19th-century row homes, which have sheltered successive generations of immigrants. Here are some quintessential food spots to hit up next time you’re in the area.

This family-owned Mexican taqueria at the corner of 10th and Wolf Streets has Puebla-style Mexican cuisine and a prominent rooster theme. You’ll see the gallo, Spanish for rooster, on their decorations and dishware. It's all a tribute to the street where owner Luz Jimenez grew up just outside of Puebla, Mexico: Calle de Los Gallos, the street of the roosters.

This Mexican restaurant pays homage to the queen of the self-portrait, Frida Kahlo, in its name and colorful decorations. Their food menu is extensive, but City Cast Philly lead producer (and Lower Moyamensing resident) Laura Benshoff particularly recommends Frida’s tequila and mezcal cocktails, like the Mezcal Last Word and Mezcalerita.

Craving bubble tea? How about egg tarts with a cookie and puff pastry crust? This is the spot for you. Dodo is sure to add sweetness to your day with their Hong Kong-style pastries and buns. Their pork buns and hot dog scallion buns look particularly delicious. They will also make custom cakes for your next event.

This neighborhood staple has been around since 1947, and their doughnut style hasn’t changed in 67 years, where every doughnut is hand cut and hand-pumped to order. Stop by and try their famous franolli doughnut, filled with their special cannoli cream and tiny chocolate chips. They also serve cookies and cake!

Check out the quintessential food spots to hit up next time you’re in this South Philadelphia area.

Your Guide to Philly's Lower Moyamensing Neighborhood

Get to Know Lower Moyamensing 

Whether you’re brand new to the city, or you’re just looking to expand your circle, making friends isn’t always easy. But don’t worry, we’ve got you covered. Here are a few ways to meet new people in Philly.

If you’re a book lover and an adventure lover, check out 

. This group pairs book discussions with fun excursions like hiking, museum strolls, and café dining. This Friday, the group is going on a 

food and history walking tour of Chinatown

 celebrating queer literature 🏳️‍🌈

From warblers to hummingbirds, Philly is home to 

 of birds. Grab those binoculars and spot as many as you can with 

 and pick up a birding backpack, complete with a bird guidebook, park map, and binoculars.

Psst: the Free Library of Philadelphia has 

 that connects you with nonprofits and other groups in need of volunteers. Once you find the perfect opportunity, just click “sign up” and you’ll receive email updates with information about upcoming volunteer events.

Every 2nd and 4th Friday, head to the boathouse at FDR Park for 

 and a social dance party. All-levels welcome. If you’re into racket sports, the park also boasts a 

Interested in water sports? Philly has plenty of 

Have you had any success finding friends through joining a local group? I’d love to hear about it!

newcomers' guide

Advice for First-Time Homebuyers in Philly

Get To Know Germantown in Philadelphia

Translating Philly Speak

Latest articles

Advice for First-Time Homebuyers in Philly

Get To Know Germantown in Philadelphia

Translating Philly Speak

Get to Know Lower Moyamensing

How to Make Friends in Philly

Latest articles

Get to Know Lower Moyamensing

How to Make Friends in Philly