Healthy Neighborhoods Home Renovation Loan

Healthy Neighborhoods offers a loan to help you renovate your home in “Healthy Neighborhoods.” You can borrow between $5,000 and $20,000 to build a chef’s kitchen, put in a spa bathroom, update outdated windows, upgrade with new mechanical systems–whatever your home deserves and you desire.

To see a full list of eligible neighborhoods, click here.

PROGRAM BENEFIT

This program allows you to borrow money to renovate your home.

ELIGIBILITY & LIMITATIONS

• You must live in this home as your primary residence.
• The property can have up to 4 zoned residential units.
• You may not own residential rental property.
• You may not have previously funds from Healthy Neighborhoods Loan Pools on this or other properties.
• Loan amounts vary from $5,000 – $20,000, maximum aggregate loan amounts secured by the property shall not exceed 105% of after-renovation value.
• Minimum score of 700 is required.
• The property must be within the boundaries of a Healthy Neighborhood.
• The loan will be used for home renovations, including visible exterior home renovations.
• Homebuyer must use Healthy Neighborhoods approved lender M&T Bank.
• The loan interest rate will be prime minus 1%, but in no event less than 4%.
• The construction terms will be 6 or 12 months or longer if mutually agreeable to M&T Bank and the borrower, the maximum permanent term will be 10 years.
• Healthy Neighborhoods will approve all contractor construction contracts and monitor rehab work.
• No owner financial investment is required.

Program Terms & Conditions

PROGRAM CONTACT

Healthy Neighborhoods
(410) 332-0387 x1005
Email
Website