Rate Savings Loan Program
For select Baltimore City properties (see eligible homes here), qualified homebuyers can take advantage of Healthy Neighborhoods’ ‘Reinvest Baltimore Rate Savings’ loan program, which offers a below-market 3.5% fixed interest rate, made possible through funding from the State of Maryland.
Rate Savings' Benefits
The 'Reinvest Baltimore Rate Savings' loan program can help reduce the long-term costs of purchasing a new home.
Program highlights include:
- 3.5% fixed interest rate
- Low down payment (just 3% of purchase price)
- No private mortgage insurance required
- Eligible for up to an additional $30,000 in grants, available through:
Who Can Apply
To qualify for the 'Reinvest Baltimore Rate Savings' loan program buyers must meet eligible and program requirements.
Eligibility requirements include:
- Borrower must intend to be an owner occupant
- Maximum loan amount of $416,375
- Minimum credit score of 620
- Select properties only (see list here)
- Formerly vacant homes renovated by a Healthy Neighborhoods-approved developer
- Property must be located in a Baltimore Vacants Reinvestment Initiative (BVRI) neighborhood
Eligible Properties
The 'Reinvest Baltimore Rate Savings' loan program is available for qualified homes that meet program requirements. These properties include formerly vacant homes that have been renovated by a Healthy Neighborhoods-approved developer and located within a Baltimore Vacants Reinvestment Initiative (BVRI) neighborhood.
