Are you looking to purchase a home in a great Healthy Neighborhoods community, or already live in one and want to make some improvements on your house?  The Healthy Neighborhoods Initiative can be a perfect fit!  If eligible, you may qualify for a below-market interest rate loan, free project assistance, no private mortgage insurance, and up to $10,000 matching grant for renovations! 

Healthy Neighborhoods offers two types of programs in our eleven neighborhoods: one for clients looking to customize or renovate a house they want to purchase or already own, and another for clients looking to do smaller home improvements. 

• Purchase & Renovate loan Eligible borrowers must 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 never less than 4%. No private mortgage insurance is required. Assistance from an architectural firm is available at no cost to help buyers plan improvements, review contractor proposals, and monitor the quality and progress of the renovation.  This loan qualifies for a matching renovation grant up to $10,000. 

• Refinance & Renovate loans are available for eligible current homeowners refinancing and renovating a home.  The terms are the same as for the Purchase &Renovate Loan. This loan qualifies for a matching renovation grant up to $10,000.

Benefits and incentives for both programs include: 

• Up to $10,000 matching renovation grant
• Borrow up to 110% of the after-renovation value
• 30-year fixed mortgage
• 1 point below market rate (4% fixed; 30 year term)
• No mortgage insurance
• Free professional monitoring of the project

• Home Improvement Loans, for smaller customization and renovation projects are available for current homeowners who live within the boundaries of a Healthy Neighborhood.  Current residents may borrow between $5,000 and $20,000 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 never below 4%. The term is 10 years. This loan qualifies for a matching renovation grant up to $10,000.

Full benefits and incentives for this program include: 

• No mortgage or owner-based financing
• Borrow up to 110% of the after-rehab value
• 10-year fixed rate for the home improvement program
• 1 point below market rate (4% fixed)
• Free professional monitoring of the project
• Up to $10,000 matching renovation grant

Healthy Neighborhoods communities include Ashburton, Callaway-Garrison, Central Forest Park, Concerned Citizens of Forest Park, Dorchester, Forest Park, Forest Park Golf Course, Garwyn Oaks, Hanlon, Howard Park, and West Forest Park. Visit here to learn about these communities: https://livebaltimore.com/neighborhoods/ .

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Contact Dayauna Thompson for more information about these programs:dthompson@go-northwesthrc.org,  410-947-0084 x105