Healthy Neighborhoods Home Renovation Loan

Healthy Neighborhoods offers a loan to help you renovate your home in “Healthy Neighborhoods.” You can borrow between $5,000 and $20,000 to build a chef’s kitchen, put in a spa bathroom, update outdated windows, upgrade with new mechanical systems–whatever your home deserves and you desire. Designated “Healthy Neighborhoods” include: Abell, Arcadia, Baltimore Highlands, Barclay, Barre Circle, Belair-Edison,  Better Waverly, Beverly Hills, Charles North, Charles Village, Coldstream Homestead Montebello, Edmonson Village, Ednor Gardens-Lakeside, Garwyn Oaks, Glen, Greater Mondawmin, Highlandtown, Greektown, Greenmount West, Hamilton Hills, Hanlon-Longwood, Harwood, Howard Park, Lauraville, Madison Park, Moravia-Walther, Morgan Park, Mid-Town Belvedere, Mount Vernon, Old Goucher, Patterson Park, Patterson Place, Remington, Reservoir Hill, Seton Hill, Union Square, Waltherson, Washington Village/Pigtown, and Waverly.

PROGRAM BENEFIT

This program allows you to borrow money to renovate your home.

ELIGIBILITY & LIMITATIONS

• You must live in this home as your primary residence.
• The property can have up to 4 zoned residential units.
• You may not own residential rental property.
• You may not have previously funds from Healthy Neighborhoods Loan Pools on this or other properties.
• Loan amounts vary from $5,000 – $20,000, maximum aggregate loan amounts secured by the property shall not exceed 105% of after-renovation value.
• Minimum score of 700 is required.
• The property must be within the boundaries of a Healthy Neighborhood.
• The loan will be used for home renovations, including visible exterior home renovations.
• Homebuyer must use Healthy Neighborhoods approved lender M&T Bank.
• The loan interest rate will be prime minus 1%, but in no event less than 4%.
• The construction terms with be 6 or 12 months or longer if mutually agreeable to M&T Bank and the borrower, the maximum permanent term will be 10 years.
• Healthy Neighborhoods will approve all contractor construction contracts and monitor rehab work.
• No owner financial investment is required.

Program Terms & Conditions

PROGRAM CONTACT

Healthy Neighborhoods
Rahn Barnes
(410) 332-0387 x1005
Email
Website