Healthy Neighborhoods Purchase and Rehab Program

Summary

Prospective borrowers who meet the eligibility criteria are required to utilize the loan towards property improvements in conjunction with the purchase. The loan is subject to a fixed interest rate, which always remains 1% lower than the 60-day Fannie Mae rate, with a minimum rate of 4%. Buyers are required to contribute 3% of the purchase price from their own funds, and may borrow the remaining balance of funds necessary to purchase and renovate the property, up to 110% of the property's after-rehabilitation appraisal value. Private mortgage insurance is not required. To aid buyers in planning improvements and reviewing contractor proposals, an architectural firm provides design assistance at no additional cost. There is also an additional grant up to $10,000 available to be partnered with this loan.

Eligibility Requirements

  • The property must be located in Baltimore City.
  • The applicant(s) must use and be approved by M&T Bank mortgage.
  • The applicant(s) must use the equivalent of 3% of the purchase price from their own funds to purchase the property.

Contact Information

Healthy Neighborhoods
11 East Mt Royal Avenue, Suite 302
Baltimore, MD 21202
410-332-0387

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