HOMEBUYER LOAN
HOMEBUYER LOAN HIGHLIGHTS SHEET $15,000 maximum $5,000 Settlement, $5,000 General Renovations, $5,000 Energy Improvements Harry & Jeanette Weinberg Homebuyer Loan Fund
HOMEBUYER LOAN $5,000 or $10,000 Location
Homes within Northern Park Heights Homeownership Program Area map, in Baltimore City (see map on reverse) $5,000 maximum for settlement expenses $5,000 minimum for general renovations $500 minimum for landscaping & curb appeal
Type of Renovations
Effective July 2016
ENERGY SAVINGS LOAN $5,000 or $10,000 Owner occupied homes in the CHAI General Service Area (GSA) and adjacent communities (see maps). Baltimore City: 5 Northwest neighborhoods: Glen, Fallstaff, Cross Country, Cheswolde, and Mount. Washington. Central Park Heights and vicinity, LibertyWabash and Howard Park-Garwyn Oaks. Baltimore County: 5 communities of Pikesville (21208), Greenspring (21209), Owings Mills (21117), Randallstown (21133), and Reisterstown (21136).
Interest Rate Repayment Period
● Kitchen remodeling ● Bathroom remodeling ● Basement refinish ● Electric & plumbing upgrades ● Floors: refinishing hardwood, carpet, tile ● Exterior painting or siding ● Roof/gutter/downspout repair or replace ● Landscaping & curb appeal 0% $10,000 over 10 years
Monthly Payment Underwriting Requirement
$83.33 per month Mortgage approval with a mortgage lender in Maryland
Education Requirement Guarantors Required Contractors
Homebuyer Education Workshop & Pre-Purchase Counseling appointment 2 sets of guarantors, married couple is a set Must use a licensed Maryland Home Improvement Contractor (MHIC)
Renovation Time
9 months to complete renovation project
Grant Available
No
Other Requirements
Maximum sale price of house $300,000 Must apply before or within 6 months of settlement date. Repayment by ACH monthly auto bank debit only. The loan is a recorded 2nd mortgage lien. Borrowers may not refinance to receive cash out during the term of the loan.
Including but not limited to:
Joint Requirements
Energy Savings Improvements: Insulating & Air Sealing Windows & Doors Heating & Air Conditioning (Energy Star qualified ONLY) Appliances (Energy Star qualified ONLY) See application for complete list & details. 0% $5,000 over 5 years; $10,000 over 10 years $83.33 per month Qualifying Ratios: Maximum Housing Ratio 30% & Debt Ratio 45% Credit Score: Minimum 620 CHAI will check your credit reports and credit score. Costs $20 for single, $40 for joint None None Must use a Maryland Home Improvement Contractor (MHIC) that is BPI certified for insulation and air sealing improvements 6 months to complete renovation project $2,500 for qualified low and moderate income families at 100% of HUD median income. For details see Family Income Chart. Energy Audit Required, cost $100 ($400 value, $300 subsidized by BGE)
These loans are two separate 0% interest loans that each requires a separate monthly payment. U:\Home Ownership\Loan Program HIGHLIGHTS\Homebuyer & Energy Loan Chart 2016.docx
HOMEBUYER LOAN $5,000 or $10,000 Location
Homes within Northern Park Heights Homeownership Program Area map, in Baltimore City (see map on reverse) $5,000 maximum for settlement expenses $5,000 minimum for general renovations $500 minimum for landscaping & curb appeal
Type of Renovations
Effective July 2016
ENERGY SAVINGS LOAN $5,000 or $10,000 Owner occupied homes in the CHAI General Service Area (GSA) and adjacent communities (see maps). Baltimore City: 5 Northwest neighborhoods: Glen, Fallstaff, Cross Country, Cheswolde, and Mount. Washington. Central Park Heights and vicinity, LibertyWabash and Howard Park-Garwyn Oaks. Baltimore County: 5 communities of Pikesville (21208), Greenspring (21209), Owings Mills (21117), Randallstown (21133), and Reisterstown (21136).
Interest Rate Repayment Period
● Kitchen remodeling ● Bathroom remodeling ● Basement refinish ● Electric & plumbing upgrades ● Floors: refinishing hardwood, carpet, tile ● Exterior painting or siding ● Roof/gutter/downspout repair or replace ● Landscaping & curb appeal 0% $10,000 over 10 years
Monthly Payment Underwriting Requirement
$83.33 per month Mortgage approval with a mortgage lender in Maryland
Education Requirement Guarantors Required Contractors
Homebuyer Education Workshop & Pre-Purchase Counseling appointment 2 sets of guarantors, married couple is a set Must use a licensed Maryland Home Improvement Contractor (MHIC)
Renovation Time
9 months to complete renovation project
Grant Available
No
Other Requirements
Maximum sale price of house $300,000 Must apply before or within 6 months of settlement date. Repayment by ACH monthly auto bank debit only. The loan is a recorded 2nd mortgage lien. Borrowers may not refinance to receive cash out during the term of the loan.
Including but not limited to:
Joint Requirements
Energy Savings Improvements: Insulating & Air Sealing Windows & Doors Heating & Air Conditioning (Energy Star qualified ONLY) Appliances (Energy Star qualified ONLY) See application for complete list & details. 0% $5,000 over 5 years; $10,000 over 10 years $83.33 per month Qualifying Ratios: Maximum Housing Ratio 30% & Debt Ratio 45% Credit Score: Minimum 620 CHAI will check your credit reports and credit score. Costs $20 for single, $40 for joint None None Must use a Maryland Home Improvement Contractor (MHIC) that is BPI certified for insulation and air sealing improvements 6 months to complete renovation project $2,500 for qualified low and moderate income families at 100% of HUD median income. For details see Family Income Chart. Energy Audit Required, cost $100 ($400 value, $300 subsidized by BGE)
These loans are two separate 0% interest loans that each requires a separate monthly payment. U:\Home Ownership\Loan Program HIGHLIGHTS\Homebuyer & Energy Loan Chart 2016.docx
