Healthy Neighborhoods Purchase & Rehab Loan

Healthy Neighborhoods Purchase & Rehab Loan is a first mortgage for homebuyers in Baltimore, Maryland, administered by Healthy Neighborhoods, Inc. The Healthy Neighborhoods Purchase & Rehab Loan is a fixed-rate first mortgage (originated by M&T Bank through HNI's loan pool) for owner-occupants buying and renovating a home on a designated Healthy Neighborhoods target block in Baltimore City. The rate is roughly 1% below prevailing market (floor 3%), no PMI is required, and borrowers may finance up to 110% of the after-rehabilitation appraised value to a maximum loan of $375,000 after contributing 3% of the purchase price plus rehab. It is a 'two-close' construction-to-permanent loan with a maximum 30-year term, and income-eligible borrowers may pair it with the HNI Matching Grant of up to $10,000. Fixed rate ~1% below market (floor 3%). Finance up to 110% of after-rehab value. No private mortgage insurance. Low 3% down (purchase + rehab). Architectural/design assistance. Pairs with Matching Grant up to $10,000. Funds both purchase and renovation. Funding comes from Healthy Neighborhoods, Inc. loan pool; originated/underwritten by M&T Bank; Maryland Housing Fund pool insurance.

Healthy Neighborhoods Purchase & Rehab Loan is a first mortgage and is repaid under the terms set by Healthy Neighborhoods, Inc.. The assistance is recorded in First position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Healthy Neighborhoods Purchase & Rehab Loan is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Minimum credit score of 620; borrower may not have any open derogatory credit items. Property must be on an HNI target block and require a rehab project; contractor scope/costs approved by HNI before loan application; MHIC-licensed insured general contractor required; rental-property owners ineligible; $300 construction-draw management fee.

Healthy Neighborhoods Purchase & Rehab Loan can be used for Single Family and 2-4 Unit. New construction is not eligible.

Healthy Neighborhoods Purchase & Rehab Loan serves homebuyers purchasing in Baltimore, Maryland. The program targets specific areas: Designated Healthy Neighborhoods target blocks across 60+ Baltimore City neighborhoods (Abell, Belair-Edison, Charles Village, Cherry Hill, Glen, Highlandtown, Mount Vernon, Patterson Park, Pigtown, Remington, Reservoir Hill, Waverly, others).

Applications for Healthy Neighborhoods Purchase & Rehab Loan go through Healthy Neighborhoods, Inc., which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.