Healthy Neighborhoods Purchase & Rehabilitation Loan
Buying a home in one of Baltimore’s Healthy Neighborhoods? Healthy Neighborhoods offers a loan to help you purchase and renovate your new house on Healthy Neighborhoods target blocks. Below-market interest rate, free design advice, no private mortgage insurance requirement and more are benefits of this loan incentive Program. Healthy neighborhoods works on target blocks in the following neighborhoods: 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 buy and renovate your home.
ELIGIBILITY & LIMITATIONS
- Homebuyers must contribute 3% of the purchase price from their own funds and may borrow the balance of funds needed to buy and renovate the home up to 110% of the after rehabilitation appraisal.
- Loans to borrowers will be limited to a maximum of $295,000
- You must live in this home as your primary residence.
- You may not own residential rental property.
- The property must be on a Healthy Neighborhoods target block.
- The property can have up to 4 zoned residential units.
- Homebuyer must use Healthy Neighborhoods approved lender M&T Bank.
- This loan and incentive package may be used in addition to other incentives.
- No private mortgage insurance is required.
- Healthy Neighborhoods will approve all contractor construction contracts and monitor rehab work.
- Certain neighborhood restrictions apply: in Mt. Vernon and Mid-Town Belvedere home renovations must meet the standard of the Maryland Historic Tax Credit.
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.