The purchase and rehab loan is available for eligible borrowers purchasing a home on a target block within a Healthy Neighborhood.
Eligible borrowers must also use this loan to make improvements to the property in conjunction with the purchase. Click here for a list of the target blocks that are eligible for this loan. 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%. After contributing 3% of the purchase price from their own funds, buyers may borrow the balance of funds needed to buy and renovate the home, 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.
$10,000 Matching Rehab Grant
In combination with our Purchase and 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 Rahn Barnes at rbarnes@healthyneighborhoods.org or 410-332-0387 ext. 1005
Frequently Asked Questions
The process will take at least 45 days. If the renovation work you propose to complete is complex, it may take longer. We recommend a 60-day contract.
