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 You can borrow between $5,000 and $20,000 to build a chef’s kitchen, put in a spa bathroom, update outdated windows, upgrade with new mechanical systems–whatever your home deserves and you desire. Designated “Healthy Neighborhoods” include: Abell, Arcadia, Baltimore Highlands, Barclay, Barre Circle, Belair-Edison, Better Waverly, Beverly Hills, Charles North, Charles Village, Coldstream Homestead Montebello, Edmonson Village, Ednor Gardens-Lakeside, Garwyn Oaks, Glen, Greater Mondawmin, Highlandtown, Greektown, Greenmount West, Hamilton Hills, Hanlon-Longwood, Harwood, Howard Park, Lauraville, Madison Park, Moravia-Walther, Morgan Park, Mid-Town Belvedere, Mount Vernon, Old Goucher, Patterson Park, Patterson Place, Remington, Reservoir Hill, Seton Hill, Union Square, Waltherson, Washington Village/Pigtown, and Waverly.
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 with 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.
We're here to help.
- Save your recommendations for later.
- Get access to our Financial Incentives Tool.
- Connect with a Live Baltimore staff member for a one-on-one consultation.
- Get a free I ♥ City Life bumper sticker.