The Baltimore neighborhood of Greater Lauraville is a Healthy Neighborhoods member. As such, there are a number of home improvement resources for local residents. And, it is now possible for qualifying purchasers to receive a $10,000 matching grant for home improvements. Here's an overview of the products and services:
- TARGET BLOCKS: Are you on a Healthy Neighborhoods Target Block? To find out click here: http://www.healthyneighborhoods.org/pages/lauraville.html
If you live on a target block you qualify for either the home renovation loan (detailed below) or the refinance/rehab loan. Both loan products are able to access the $10,000 matching grant. The refi/rehab loan's terms are always 1% below the Fannie Mae rate for 30 years. The loan amount may go up to 120% of the post-construction value of the home. The term sheet is attached.
TARGET BLOCKS: Potential residents also qualify for the Healthy Neighborhood Initiative (HNI) acquisition/rehab loan. With similar terms to the refi/rehab loan, except a 3% down payment is required. See the attached term sheet for more information.
- All homes in the Greater Lauraville catchment area qualify for the renovation loan. Terms are set at 1% below the Prime interest rate for up to ten years.
- Matching Grant: this is the only HNI product with income limits. They can be found in the table below. If your household is within the income limits and qualifies for a home renovation loan, you qualify for a matching grant of up to $10,000 toward those renovations. The grant is available with all three loan products: refi/rehab, acquisition/rehab, and renovation.
- Free architectural advice: once an applicant has been pre-qualified by the Neighborhoods of Greater Lauraville, Inc. and approved by HNI staff, they will be contacted by the HNI architect who will review renovation plans, contractors' estimates, budgets and timelines. Once the scope of work is complete the architect will certify the application and forward the packet to Bradford Bank (the servicing financial institution for the loan product).
For more information about his program you should contact Lorrie Schoettler the Executive Director of Neighborhoods of Greater Lauraville, Inc. located at 3009 Montebello Terrace, Baltimore, MD 21214 and by phone 410-444-9188
You will need the following information if you wish to schedule a pre-qualification meeting with Lorrie:
- $50 pre-qualification fee to Neighborhoods of Greater Lauraville, Inc.
- Amount you are applying for, list of projects and any estimates received
- Credit Report - do not worry if you haven't pulled one recently, Lorrie can pull one there.
- Proof of income and bank accounts.
- Current mortgage information including P&I, insurance and taxes.
- List of outstanding debts.
2007 HUD Income Limits |
| |
|
|
|
Family Size |
| 120% |
|
|
|
1 |
| 63,720 |
2 |
| 72,720 |
3 |
| 81,840 |
4 |
| 90,960 |
5 |
| 98,280 |
6 |
| 105,480 |
7 |
| 112,800 |
8 |
| 120,000 |
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