Healthy Neighborhoods Purchase & Rehabilitation Loan
Healthy Neighborhoods offers a loan to help you purchase and renovate your new house on Healthy Neighborhoods’ target blocks. Eligible homebuyers receive a below-market interest rate, free design advice, and no private mortgage insurance requirement.
This program allows you to borrow money to buy and renovate your home; For income-eligible borrower’s, you may also qualify for a matching grant of up to $10,000.
ELIGIBILITY & LIMITATIONS
- You must live in this home as your primary residence.
- You must contribute 3% of the purchase price + renovation costs and may borrow up to 110% of the after-rehabilitation appraisal.
- You may not own residential rental property. Individuals that have rental property as a result of inheritance or moving, can still use the program.
- You must use M&T Bank, through the M&T Loan Officer assigned and officed at Healthy Neighborhoods.
- Your mortgage amount cannot exceed $295,000.
- Your property must be on a Healthy Neighborhoods target block.
- May be used in addition to other incentives
- All contractor construction contracts and rehab work will be monitored and approved by Healthy Neighborhoods.
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