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Healthy Neighborhoods Loan Initiative

healthy-neigborhoodsThe Healthy Neighborhoods Initiative helps Baltimore neighborhoods increase home values, market their communities, and forge strong connections among neighbors. You may be wondering how this can help you? If eligible, you may qualify for a below market interest rate loan, free architectural design advice, no private mortgage insurance, and up to $10,000 matching grant for renovations! GO Northwest in conjunction with Healthy Neighborhoods can offer residents or homebuyers in Howard Park, Hanlon, Garwyn Oaks, and Edmondson Village an affordable loan to rehabilitate your home.

Below are the Healthy Neighborhoods target blocks. Homes on target blocks are eligible for Purchase-Rehab and Refinance-Rehab loans.

Howard Park Garwyn Oaks Hanlon Edmondson Village / Edgewood
3100 Brightwood Ave 2300-2900 Allendale Road 3300-3400 Alto Road 700-900 Allendale Street
3000-3200 Ferndale Ave 2300-2900 Chelsea Terrace 3300-3400 Bateman Ave 600-800 Augusta Avenue
4800-5500 Gwynn Oak Ave 3500-3700 Duvall Ave. 3200-3400 Carlisle Ave 3500-4000 Gelston Drive
3000-3200 Howard Park Ave 2300-2800 Elsinore Ave 3400 Duvall Ave 600-1100 Lyndhurst Street
4400-4500 Kathland Ave 2300-2800 Garrison Blvd 3000-3400 Gwynns Falls 3800-4000 Stokes Drive
3000-3200 Milford Ave 2300-2800 Roslyn Ave 3000-3100 Hanlon Ave 600-1300 Wildwood Parkway
4700-5600 Norwood Ave 3700-3800 Woodhaven Ave 2400-2700 Longwood St  600-800 Woodington Road (North)
3000-3100 Oakhill Ave  3000-3400 Mondawmin Ave
2700 Silverhill Ave  3100-3400 Piedmont Ave
4400-4700 Springdale Ave  3200 Powhatan Ave
2900-3000 Wayne Ave  3200 Vickers Road
  1. Purchase – Rehab loans are available for eligible borrowers purchasing a home on a target block within a Healthy Neighborhoods community. Eligible borrowers must also use this loan to make improvements to the property in conjunction with the purchase. 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%. No private mortgage insurance is required, design assistance from an architectural firm is available at no cost to help buyers plan improvement and review contractor proposals.
  2. Refinance – Rehab loans are available for current homeowners who live within the boundaries of a Healthy Neighborhoods community. This loan has a fixed rate that’s always and requires no private mortgage insurance. Design assistance from an architectural firm is available at no cost to help buyers plan improvements and review contractor proposals.
  3. Home Improvement Loans are available for current homeowners who live within the boundaries of a Healthy Neighborhood. The borrower must be the owner-occupant of the home. Current residents may borrow between $5,000 and $10,000 and the loan must be used for home renovation only, including some visible exterior improvements. The interest rate is always 1% below the prime rate but in no event less than 4%. The term is 10 years.
    • Borrow up to 110% of the after rehab value
    • 30 year fixed mortgage for purchase/refinance rehab
    • 10 year fixed rate for home improvement program
    • 1 point below market rate (4% fixed; 30 year term)
    • No mortgage insurance
    • Free architectural advice
    • Up to $10,000.00 matching renovation grant

What we will need to fill out a Healthy Neighborhoods Application

BRING A COPY OF THE FOLLOWING ITEMS:
    We will need to review your credit report:
  • OPTION #1: Bring $20.00(single person) or $30.00(couple/joint) EXACT CHANGE/CASH ONLY to counseling session for tri-merge credit report, paper, and ink costs. No checks and no credit cards will be accepted.
  • OPTION #2: Obtain a free credit report www.credit karma.com
  • OPTION #3: Obtain credit report from loan officer
  1. Last month’s pay stubs
  2. Last three months of bank statements (checking and savings) ALL ACCOUNTS/ALL PAGES
  3. W-2 Forms for the last two years
  4. Signed and dated tax returns for last 2 years
  5. Any additional income (SSI, SSDI, disability, child support, pension, etc.)
  6. If applicable: Contractors estimate for repairs including license and agreement for 20% upfront fee
  7. If applicable: Purchase contract (purchase only)
  8. If applicable: Existing Mortgage statement (refinance only)
  9. If applicable: Property Tax invoice and Homeowners Insurance Declaration page