The Refinance & Rehab loan is available for eligible borrowers living within a Healthy Neighborhood.
Eligible Borrowers must also use this loan to make improvements to the property in conjunction with a refinancing. The loan carries a fixed interest rate that’s always 1% below the 60-day Fannie Mae rate (but in no event less than 4%). Buyers may borrow as much as 110% of the after-rehabilitation appraisal of the property. No private mortgage insurance is required. Design assistance from an architectural firm is available to help buyers plan improvement and review contractor proposals. See term sheet for more details!
$10,000 Matching Grant
In combination with our Refinance & Rehab loan, borrowers may be eligible for a matching grant of up to $10,000. Income restrictions apply. Click “Learn More” below to check your income eligibility.
For more information, contact Ben Glover at bglover@healthyneighborhoods.org or 410-332-0387 ext. 1005
