- Homebuyers can use this loan to purchase and rehab a home or refinance a home on a target block in a designated healthy neighborhood.
- The loan carries a fixed interest rate that’s always 1% to 4% below the 60-day Fannie Mae rate.
- 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.
- No private mortgage insurance is required.
- Design assistance from an architectural firm is available at no cost to help buyers plan improvement and review contractor proposals.
- Homebuyers interested a Healthy Neighborhoods loan product must fill out a pre-application form.
- A homeowner looking to refinance a home must have occupied it for a minimum of 3 years.
- The home must be the homebuyer’s primary residence.
- The home may have up to 4 zoned residential units.
- This incentive may be used in addition to other incentives.
- Homebuyer must use an approved lender.
- Homebuyer must use program-approved contractor for all work.
- For More Information
Healthy Neighborhoods, Inc.