|
All information contained on this page is property of the Live Baltimore Home Center and as such may not be reproduced without the express written consent of Live Baltimore.
Location is important when it comes to purchasing a home. Now, location can also give home buyers more home-buying power and less hassle when commuting.
Purchase a home in the City of Baltimore and use public transit to commute, and home buyers could qualify for the added benefits of a home mortgage through the Smart CommuteTM Initiative.
The Smart Commute Initiative may be used with standard or Community Lending products. Requires down payment of only 3 percent based on purchase price of home, or a down payment of as little as $500, depending on borrower's income eligibility. Borrowers cannot own or lease more than two motor vehicles (including cars and trucks, but excluding recreational vehicles and motorcycles). As of 2006, loans cannot exceed Fannie Mae’s maximum loan limit amount of $417,000. Home buyers must occupy the property as their primary residence. For loan qualification purposes, participating lenders will add a portion of the potential transportation savings to borrowers’ qualifying income – an addition of $200 per month for one wage-earner household and $250 per month for two wage-earner households—which could increase the home-buying power of a typical purchaser of a median-priced home up to 2-3% of the sale price. Free MTA Transit Pass! Home buyers under the Smart Commute Initiative will receive 4 weekly MARC Train passes good for FREE commutes for ONE MONTH (limit one set of passes per household) on the following public transportation systems:
o MARC Train to Washington, DC
o MTA Bus
o MTA Light Rail
o MTA Metro Subway system
For more information about the Smart Commute Initiative, call 800-732-6643.
To determine eligibility and apply for a mortgage under the Smart Commute Initiative, contact:
Chevy Chase Bank/B.F. Saul Mortgage Company - 410-872-8440
SunTrust - 410-986-1612
MECU - 410-752-8313 or 410-823-3300
Visit www.HealthyNeighborhoods.org for more information!
HNI Map 08
To help stimulate the purchase and renovation of homes in the "Healthy Neighborhoods", ten banks have agreed to establish a $38 million loan pool to be loaned at favorable terms and at below market interest rates. Three loan products have been developed. The products are:
Purchase/Rehabilitation Loan
For new home buyers on target blocks in the neighborhoods who will make improvements to the property in conjunction with the purchase; Thirty year mortgages at fixed rates one point below market; After contributing 3% of the purchase price from their own funds, buyers may borrow the balance of funds needed to buy and renovate the home, as much as 120% of the after rehab appraisal of the property; The assistance of an architect is available at no cost to help buyers plan improvements and to review contractors' proposals.
Refinance/Rehab Loan
Existing owners on target blocks may refinance their existing mortgages and borrow additional funds to make improvements at the same low rate as is available to new buyers. Improvements must include significant and visible exterior renovations. Terms and assistance are identical to the Purchase Mortgage described above.
Home Improvement Loan
Homeowners within the boundaries of the Healthy Neighborhoods communities are eligible to borrow for home improvements. Owners can borrow up to $20,000 for ten years at the Prime Rate. Owners of larger homes are eligible to borrow up to $40,000 at the same rate and term. The free services of an architect are also available to these borrowers to help plan improvements and review contractors' proposals.
First Mortgage Loan
Available to eligible borrowers purchasing formally vacant homes in Belair-Edison being developed by St. Ambrose Housing Aid Center. Also available to eligible borrowers purchasing formally vacant homes on target blocks in Patterson Park being developed by the Patterson Park CDC.
Eligibility Requirements
For home renovation loans, the borrower must live in one of the program's neighborhoods: Belair Edison, Garywn Oaks, Hanlon, Midtown, lower Charles Village, Greater Mondawmin, Ednor-Gardens- Lakeside, Patterson Park, Reservoir Hill, Highlandtown, Bayview and Midtown. For purchase/rehabilitation and refinance/rehabilitation, the borrower must occupy a property in one of the target blocks of each participating neighborhood. Target blocks can be identified by a participating neighborhood organization . Borrower must have sound credits and pass a credit screening first by the neighborhood group, then by Bradford Bank for loan approval. Housing expenses should not exceed 30% of the buyer's income, and total debt should not exceed 40% of the buyer's income.
How to Apply
Prospective borrowers must have a contract of sale an proposal from a licensed contractor. Healthy Neighborhoods can help in identifying improvements to be made. Residents interested a Healthy Neighborhoods loan product must then present their contract of sale and plans to their neighborhood organization (participating neighborhoods and contact information listed below). The neighborhood association will pre-screen the applicant for credit worthiness and make a referral to a Healthy Neighborhoods construction specialist, who will certify that the contractor's estimate is fair and the renovations are practical. The neighborhood association will then refer the client to Bradford Bank for final loan approval, contingent upon meeting the eligibility requirements.
For more information contact:
Phone: (410) 332-0387, ext. 161
Website:www.healthyneighborhoods.org
Participating Neighborhoods
Belair-Edison
Sponsoring Organization: Belair-Edison Neighborhoods Association
Contact: Johnette Richardson, (410) 485-8422, johnette@belair-edison.org
Target Area:
3700-3800 Belair Road
2700-2800 Chesterfield Avenue
3100-3400 Dudley Avenue
4200-4300 Parkside Drive
2600-2800 Pelham Avenue
3200-3400 Ramona Avenue
4200-4300 Shamrock Avenue
3000-3400 Shannon Drive
4200-4300 Sheldon Avenue
3400-3500 Brendan
3500 Kenyon
3600 Brehms Lane
3400 Kentucky
3300-3500 Richmond
Any vacant property resulting from foreclosure
Brooklyn
Sponsoring Organization:
Contact:
Target Area:
3500 Horton
200-300 Maude
100-300 Pontiac
200-300 Washburn
3500-3800 3rd Street
3600-3800 2nd Street
3700 4th Street
Charles Village
Sponsoring Organization: Charles Village Community Benefits District
Contact: Pauline Davis, 410-235-4411, PaulineCVCBD@aol.com
Target Area:
2300-2800 Guilford Avenue
2200-2600 Calvert Street
2000-2600 St. Paul Street
2300-2800 Maryland Avenue
23rd, 24th, and 25th Streets between Maryland and Guilford
Coppin Heights and Bridgeview/Greenlawn
Sponsoring Organization:
Contact:
Target Area:
900-1200 Bentalou
1500-1800 Bentalou
1600-1800 Ruxton
1500-1800 Moreland
Curtis Bay
Sponsoring Organization:
Contact:
Target Area:
4200-4500 Fairhaven
1400 Locust
4200 and 4000 Prudence
1400 Filbert
1400-1500 Elmtree
Cylburn and Levindale
Sponsoring Organization:
Contact:
Target Area:
4900 Greenspring
4900 Poe
2400 W. Garrison
2700 W. Garrison
2500-2700 Cylburn Ave
5000-5100 Levindale Ave
5000-5100 Sunset
5100 Laurel
4808 Laurel
2600-2700 Oakley
2700 Rosalind Ave
2700 Block of Ruscombe Lane
4800 Block of Lanier
2800 Block of Woodland Avenue
4800 Block of Olney Road
Ednor Gardens
Sponsoring Organization: Greater Homewood Community Corporation, Inc.
Contact: Jermaine Johnson, (410) 261-3511, jjohnson@greaterhomewood.org
Target Area:
600-800 33rd Street
1100 36th Street, East
3300-3700 Ellerslie Avenue (westside)
3800-3900 Crestlyn Road
3600-3900 Ednor Road
3600-3900 Yolanda Road
900-1100 Andover Road
600-800 Melville
700 to 1600 Blocks of Argonne Drive
900 Blocks of McKewin
900 Blocks of 37th
900 Blocks of Chestnut Hill
900 - 1500 Blocks of 36th Street
900 Block of North Hill Road
3600-3800 Blocks of Elkader Road
3600 - 3900 Blocks of Kimble
3600-4000 Blocks of Rexmere Road
900 Block of North Hill Road
3300-4000 Blocks of The Alameda and Hillen Road
3600-4000 Blocks of Loch Raven Blvd
4000 Block of Deepwood Road
1200-1600 Blocks of Round Hill Road
1200-1700 Blocks of 33rd, 35th, Lakeside and Windmere Avenues
3500 and 3900 Blocks of Tivoly Avenue
3500-3700 Blocks of The Alameda Circle
3600-3800 Blocks of Delverne and Monterey Roads
1500 Blocks of Fernley, Oakridge, Upshire, and Kennewick
1500 Blocks of Tunlaw, Medford, and Greendale Roads
1500 and 1600 Blocks of Shadyside and Ralworth Roads
3600-3800 Greenmount Avenue (westside)
Garwyn Oaks
Sponsoring Organization: Garrison Boulevard United Neighbors Association
Contact: Mereida Goodman, (410) 947-0084, mg.garwynoaks@verizon.net
Target Area:
2300-2900 Allendale Road
2300-2800 Elsinore Avenue
2300-2800 Roslyn Avenue
3700-3800 Woodhaven Avenue
2300-2800 Garrison Boulevard
2300-2900 Chelsea Tererace
3500-3700 Duvall Avenue
Glen
Sponsoring Organization:
Contact:
Target Area:
3900-4000 Pinkney Avenue
3900-4000 Rosecrest Avenue
6200 Hopeton Avenue
Hanlon
Sponsoring Organization: Garrison Boulevard United Neighbors Association
Target Areas:
3300-3400 Alto Road
3300-3400 Bateman Avenue
3200-3400 Carlisle Avenue
3400 Duvall Avenue
3000-3400 Gwynns Falls Parkway
2400-2700 Longwood Street
3000-3400 Mondawmin Avenue
3100-3400 Piedmont Avenue
3200 Powhtan Avenue
3200 block Vickers Road
Highlandtown
Sponsoring Organization: Southeast Community Development Corporation
Contact: Joan Mitchell-Kinder, (410) 342-3234 x 26, joan@southeastcdc.org
Target Areas:
3400-3900 Bank
3400-3900 Gough
3400-3900 Claremont
3400-3900 Pratt
200-300 Eaton
200-300 Conkling
200-300 Highland
200-300 Fagley
200-300 Grundy
200-300 Haven
400 Anglesea
400 Bonsal
300-400 Cornwall
300-400 Drew
300-400 Elrino
300-400 Folcroft
300-400 Gusryan
300-400 Hornel
300-400 Imla
300-400 Joplin
300-400 Kane
Lauraville
Sponsoring Organization: Neighborhoods of Greater Lauraville (NOGLI)
Contact: Cindy Leahy, (410) 444-9988, director1@greaterlauraville.com
Target Areas:
Arcadia
3600-3900 Parkside Drive
Moravia-Walther
3100-3200 Cedarhurst
4600 block of Arabia
3100-3200 Rosekemp
4600-4700 Walther
Lauraville
4300-4500 Mainfield
2700-2800 Overland
2700 block Woodsdale/College
4300-4400 Elsrode
Mid-Town
Sponsoring Organization: Midtown Development Corporation in partnership with Jubilee Baltimore
Contact: Charlie Duff, (410) 327-7373, x-101, charlie@jubileebaltimore.org
Target Area:
100-200 Biddle Street, East
900-1900 Calvert Street
100-200 Chase, East
100-200 Eager Street
100-200 Mt. Royal, East
100-200 Preston, East
100-200 Read, East
800-1300 Guilford Avenue
700-1300 Park Avenue
1100-1900 Eutaw Street
800-1300 Hunter
800-1300 St. Paul
800-1300 Lovegrove
800-1300 Maryland Avenue
800-1300 Cathedral Street
Montebello
Sponsoring Organization:
Contact:
Target Area:
1500-1800 33rd Street
1600- 1800 Chilton Street
1600-2000 32nd Street
1600-2000 31st Street
1900-2000 30th Street
3000- 3200 The Alameda
2900-3100 Harford Road
Patterson Park
Sponsoring Organization: Patterson Park Community Development Corporation
Contact: Jeromy McKim, (410) 336-2862, jeromy@ppcdc.org
Target Area:
2300-2900 Baltimore Street, East
200-400 Ellwood Avenue, South
Unit & 100 Linwood Avenue, North
Unit & 100 Linwood Avenue, South
2900 Pratt Street, East
100 and 200 Potomac Street
100 and 200 Curley Street
100 and 200 Linwood Avenue
100 and 200 Streeper Street
100 and 200 Kenwood Avenue
100 and 200 Belnord Avenue
100 and 200 Lakewood Avenue
100 and 200 Glover Street
100 and 200 Luzerne Avenue
100 and 200 Rose Street
100 and 200 Milton Avenue
2500- 2900 Fairmount Avenue
2500- 2900 Fayette Street
2700 - 2900 Pulaski Highway
Remington
Sponsoring Organization:
Contact:
Target Area:
300-400 W 28th Street
300-400 W 29th Street
200 W 31st Street
2200-3000 Huntingdon
3300 Keswick
3100 Remington Avenue
300 Wyman Park Drive
Reservoir Hill
Sponsoring Organization: Reservoir Hill Improvement Council
Contact: John Ruffin, (410) 225-7547, jruffin@reservoirhill.net
Target Area:
1800, 1900, 2000, 2100 blocks of Park Avenue
600 and 700 blocks of Lenox Street
600, 700, 800 blocks of Reservoir Street
2100, 2200 and 2300 blocks of Brookfield Street
700-800 block of Newington Street
2100 block of Bolton Street
1900, 2000, 2100, 2200 blocks of Mount Royal Terrace
Southern Mondawmin
Sponsoring Organization: Greater Mondawmin Coordinating Council
Contact: Sandra Cooper, (410) 523-4500
Target Area:
2000 Bentalou Street, North
2100-2200 Clifton Avenue
2000-2100 Pulaski Street, North
2000 Ruxton Avenue
2000-2100 Smallwood Street, North
2100-2200 Walbrook Avenue
2000 Wheeler Avenue
2100-2300 Windsor Avenue
2700-2800 Parkwood Avenue
3000-3100 Auchentroly Terrace
2300 Anoka Avenue
2000 Braddon Avenue
3500 Holmes Avenue
Waverly and Better Waverly
Sponsoring Organization:
Contact:
Target Area:
600-800 33rd Street
3200-3300 Ellerslie
3500-3700 Ellerslie
3200 Frisby
600-900 Gorsuch
3600-3800 Greenmount
600-800 Melville
For more information contact:
www.HealthyNeighborhoods.org
NHS is a non-profit community development organization that revitalizes neighborhoods for the benefit of residents of the greater Baltimore region.
Click for more information on each program:
Closing Cost Loan Program
First Purchase & Home Improvement Loan Program
Home Improvement Loan
Neighborhood Housing Services of America (NHSA)
First Time Home Buyer's Program
Closing Cost Loan Program
Provides low interest loans up to $5,000 at 5% to homebuyers who do not have sufficient assets to pay settlement expenses for purchase of properties intended for occupancy as a primary residence. Mortgages originated by: NHS of Baltimore, Inc. and Participating Lenders Income Eligibility: No Income Restrictions Loan Terms: Fixed rate 10 year amortization Borrowers Cash Contribution: Determined by First Mortgage Lender Financing but, minimum of $1,000.00 (this amount can include fees for appraisals, credit reports, application fees, home inspection fees and first year homeowners insurance premium). Product Availability: Only available in the NHS targeted areas in Coppin Heights, Southwest Seven, Patterson Park. Please call the number below for eligible zip codes and product boundaries. Mandatory Requirements: Counseling Services and Application through NHS, Visual Paint Assessment. Contact: Dale Quisgard, Loan Manager, NHS of Baltimore, Inc. for lender requirements, eligible zip codes, product boundaries and underwriting information. 410-327-1200 ext 27.
First Purchase & Home Improvement Loan Program
Affordable home purchase for first mortgages, purchase and rehabilitation with a maximum loan amount at 5% not to exceed $60,000.00 for purchase or purchase/rehab. Maximum loan amount for rehabilitation loans $60,000.00 but not to exceed 105% of value. No cash out, 2nd mortgage rehabilitation loans, may be used with other NHS or local lender products. Mortgages originated by: Neighborhood Housing Services (NHS) Income Eligibility: No Income Limits Loan Terms: Fixed rate 10-30 years amortization Borrowers Cash Contribution: $1,000.00 (this amount can include fees for appraisals, credit reports, application fees and first year homeowners insurance premium). This is only required for first mortgage purchase - purchase/rehab loans. Product Availability: Available in the NHS targeted areas in Coppin Heights, Southwest Seven and Patterson Park. Expense Escrow: Borrower will be required to have an escrow for taxes, homeowners insurance and ground rents (if applicable). Underwriting Requirements: Maximum Ratios of 29 % for PITI and 41 % for PITI & LTD Loan Fees to Borrower: Credit report fee (that will be included as part of the borrowers $1,000.00 down payment if loan is secured with a first mortgage). Appraisal fee required. Tax service fee for loans secured with a first mortgage
Counseling Services: Counseling is mandatory through one of the NHS Neighborhood Offices. Contacts: Cassandra Robb, Coppin Heights Neighborhoods, 2601 W. North Avenue, Baltimore, Md. 21216 (410) 669-2634; Ann Peele, NHS, Southwest Seven Neighborhoods, 4115 Frederick Avenue, Baltimore, Md. 21229 (410) 644-1904; Karen Gary, NHS Southeast/Patterson Park, 244 N. Patterson Park Avenue, Baltimore, Md. 21231 (410) 327-1200 ext. 31.
Home Improvement Loan
Affordable funding for rehabilitation/repairs of primary residence with a 3% interest rate up to $60,000 Mortgages originated by: Neighborhood Housing Services (NHS) Effective Period: until further notice Income Eligibility: No income restrictions Loan Terms: Fixed rate 5-30 years amortization Borrowers Cash Contribution: none Product Availability: Available in the NHS targeted areas in Coppin Heights, Southwest Seven, and Southeast Baltimore. Loan-To-Value: 105% (not to exceed NHS maximum loan amount) Underwriting Requirements: Maximum Ratios of 29% for PITI and 41% for PITI & LTD Loan Fees to Borrower: Tax service fee for loans secured with a first mortgage Counseling Services: Counseling is mandatory through one of the NHS Neighborhood Offices. Contacts: Cassandra Robb, Coppin Heights Neighborhoods, 2601 W. North Avenue, Baltimore, Md. 21216 (410) 669-2634; Ann Peele, NHS, Southwest Seven Neighborhoods, 4115 Frederick Avenue, Baltimore, Md. 21229 (410) 644-1904; Karen Gary, NHS Southeast/Patterson Park, 244 N. Patterson Park Avenue, Baltimore, Md. 21231 (410) 327-1200 ext31
Partner Products:
Neighborhood Housing Services of America (NHSA)
Affordable home purchase first mortgages; refinance with home improvement or purchase with home improvement with $ 5,000.00 minimum home improvement work - no cash out
Mortgages originated by: Lenders in partnership with NHS and NHSA (Participating Lenders ) Interest Rate: 5.95% Income Eligibility: No Income Limits Borrowers Cash Contribution: 5% down, with a minimum of 2% from borrower's own funds. Minimum borrower equity is 2% of the contract sales price. The remainder of the 5% down payment, plus borrower's closing costs, may be a gift, grant, or loan from a nonprofit entity. Seller contribution not to exceed 3%. Product Availability: Available in all of the NHS target areas. Loan Terms: Fixed rate - 15 or 30 year amortization Loan Amount: No minimum loan amount . Maximum loan amount based on 95% of appraised value or sales price plus rehabilitation cost, whichever is lower. Loan To-Value: 95% based on the lower of the purchase price or appraised value. Total Loan to Value can exceed 95% with other financing in the form of a second mortgage, but not to exceed 105% LTV Loan Fees to Borrower: Loan Origination Fee: Per the originating Lender, Tax Service Fee, Initial Flood Determination Fee, Appraisal Fee, Credit Report Counseling Services: Counseling is mandatory through one of the NHS Neighborhood Offices. Contacts: Cassandra Robb, Coppin Heights Neighborhoods, 2601 W. North Avenue, Baltimore, Md. 21216 (410) 669-2634; Ann Peele, NHS, Southwest Seven Neighborhoods, 4115 Frederick Avenue, Baltimore, Md. 21229 (410) 644-1904; Karen Gary, NHS Southeast/Patterson Park, 244 N. Patterson Park Avenue, Baltimore, Md. 21231 (410) 327-1200 ext. 31
First Time Home Buyer Program - Susquehanna Mortgage Corporation
Affordable home purchase first mortgages
Eligibility: Applicants must be first-time homebuyers. Loans to be secured with first mortgages on owner-occupied, primary residences Mortgages originated by: Susquehanna Mortgage Corporation in partnership with Neighborhood Housing Services (NHS) Interest Rate: Below Market Rate Income Eligibility: Household income not to exceed $ 54,900.00 Borrowers Cash Contribution: Closing cost assistance available - unlimited seller contribution Product Availability: Available in all of the NHS target areas Loan Terms: Fixed rate - maximum loan term 30 years Loan Amount: No minimum loan amount. Maximum loan based on borrower's income and debt ratios Expense Escrow: Borrower will be required to have an escrow for taxes, homeowners insurance and ground rents if applicable Mortgage Insurance: Not required Loan To-Value: Not to exceed 100% of appraised value or sales price Underwriting Requirements: Maximum Ratios of 33% for PITI and 38% for PITI & LTD Loan Fees to Borrower: Appraisal, Credit Report, Tax Service Fee $100 Counseling Services: Counseling is mandatory through one of the NHS Neighborhood Offices
For more information contact:
244 N. Patterson Park Avenue
Baltimore, MD 21231
Phone: 410-327-1200
All of Baltimore City Eligible Income Limits: 1 or 2 persons in home $4,920; 3 or more $110,740. Income limits are subject to change; please call DHCD at 410-514-7530 to confirm income limits. Maximum Acquisition Costs: $525,091 Buyer must complete homeownership education with a city-approved agency prior to writing a contract. For a list of eligible agencies, click here. Buyer does not have to be a first-time homebuyer. For a complete list of approved CDA lenders,click here. Get more info from the State of Maryland Website.
For more information contact:
Single Family Housing Community Development Administration
Maryland Department of Housing and Community Development
Phone: 410-514-7530
Toll Free (Maryland only): 800- 638-7781
Website: www.morehouse4less.com
Email: singlefamilyhousing@mdhousing.org
Homeownership for Individuals with Disabilities Program
Maryland Home Financing Program
Permanent first mortgage through Maryland Home Finance Program Annual percentage rate is 10.25% reduced to 3% provided the annual household combined income does not exceed $40,150. Maximum first mortgage $100,000 30 year mortgage term with a minimum $500 cash contribution by the buyer. At least one borrower must be disabled & will be required to provide a "Certificate of Disability"
For more information contact:
Single Family Housing
Community Development Administration
Maryland Department of Housing and Community Development
100 Community Place
Crownsville, MD 21032-2023
Phone: 410-514-7530
Toll Free (Maryland only): 800-638- 7781
Website: http://www.dhcd.state.md.us/hidp/index.asp
Background: Subsidies traditionally applied toward rental payments are eligible to be applied towards a montly mortgage payment. For qualified section 8 voucher holding families, it is a special opportunity for homeownership. Purpose: To facilitate a transition from renting to homebuying for participants who qualify for a mortgage from a lender. Homeownership builds wealth within low and moderate-income families and strengthens neighborhoods & communities. Source of Funds: Federally funded program administered through HABC. Implemenation: The Section 8 homeownership program is a city-wide program and participants are eligible to buy homes anywhere in Baltimore City. HABC's Family Self-Sufficiency (FSS) Program supports families' efforts to improve their economic conditions and prepare for homeownership. Applicants must be in good standing with the Section 8 program and must also complete a homeownership counseling program with a city-approved agency. For a list of eligible agencies, click here. A minimum cash downpayment of 1% the purchase price must come directly from the purchaser. Partners: Fannie Mae, lenders, real estate agents, and housing counselors.
Contact for Information:
Ms. Rhonda Rone, HABC Homeownership Coordinator
417 E. Fayette Street, 11th floor
Baltimore, MD 21202
Phone: (410) 396-4175
Fax: (410) 396-1284
Email: Rhonda.Rone@baltimorecity.gov
|
