Deferred Loan Program
What is it?
The Deferred Loan Program offers below market-rate rehabilitation loans for owner-occupied properties. Loans are available to low- and moderate-income households. Typical repairs qualifying for this assistance include, but are not limited to: furnace, roof, electrical, and plumbing repair, and accessibility improvements for elderly/handicapped homeowners.
Who is eligible?
Households below 80% of Baltimore City median income levels (see chart below).
All Baltimore City homes and condominiums, including units with one to two dwellings, as long as the owner resides on the property
The underwriting staff will determine eligibility for specific loan programs following review of the application, income verification, credit reports, tax assessment and property value.
What are the benefits?
Structural repair promotes safe and adequate living conditions for all property residents. Maryland law requires compliance with health and building codes.
What are the loan terms?
Loans are available to qualifying households with a 3% simple interest rate.
The homeowner makes no monthly payments, and all payments are deferred until after the sale, refinance or transfer of title to the property.
All application fees and closing costs are included in the loan amount.
How do I apply?
For more information about this program, contact:
2700 N. Charles Street, Suite 201
Baltimore, MD 21218