Baltimore Community Development Financing Corporation

 

 

Vacant House Loan Program

 

"The Next Best Thing To A Custom Built Home"

 

 

 

PROGRAM HIGHLIGHTS

 

Property must be located in Baltimore City

Vacant / Abandoned or unoccupied for 6 months or more

minimum cash contribution – 5% borrowers gross annual income

interest rate – 7 7/8 2 points

income limits – none

will finance 100% of loan – based on affordability

(Settlement cost financed in loan)

grants, unsecured & secured loans, seller contribution accepted

not limited to first time buyers

 

 

 

For More Information Contact

 

Patricia Clemons

 

At

 

(410) 727-8590

VHLP’S GENERAL PROGRAM CRITERIA

1. RENTAL HISTORY

­2 years required.

2. EMPLOYMENT HISTORY

Evidence of 2 years of continuous employment in present job or related work.

Self-employed borrower must provide 2 years of business financial statements prepared by an accountant or tax returns and a credit report.

3. CREDIT HISTORY

Borrowers must demonstrate an ability to pay obligations when due.

Any past due accounts, liens and judgements must be paid current or be subject to an acceptable demonstrated repayment plan before a loan can be approved.

Acceptable alternative credit - B&E, telephone, cable, car insurance (12 month history)

4. INCOME and DEBT RATIOS

31% HOUSING RATIO/38% DEBT RATIO

On a case by case basis VHLP will consider extending ratios with compensating factors.

5. UNDERWRITING

Final underwriting is based upon verified information and will be submitted to the loan committee for approval.

Loans submitted that exceed 80% LTV will be underwritten and approved with the equity coverage of private mortgage insurance.

6. OCCUPANCY REQUIREMENT

Borrower(s) must occupy as their primary residence.

This program is not available to investors.

Borrower(s) must agree to reside in the property for 10 years.

7. PROPERTY REQUIREMENT

Property must be located in Baltimore City

The property may have three or four units with one being owner occupied.

The property is to have been vacant for 6 months or more.

The property must be residential in nature and use.

The property must be fully habitable upon ending construction.

The property owned must be in fee simple or leasehold.

8. INCOME REQUIREMENTS

There are no income limits, and participants need not be first-time homebuyers to qualify for the loan. However, extensive counseling will be required for those participants who are first-time homebuyers and/or in a limited income situations.

9. BORROWER’S INCOME CONTRIBUTION

Five (5%) of Annual Gross Income will be required.

 

10. PROGRAM FEES (REQUIRED AT LOAN APPLICATION)

CREDIT REPORT - SINGLE $67.50/JOINT - $70.00

APPRAISAL - $300.00

COST ESTIMATE/WORK WRITE-UP - $150

11. CONTRACT OF SALE

Borrower must have a ratified contract of sale to begin application process with VHLP.

 

 

VISIT US AT OUR WEBSIT

 

http://www.livebaltimore.com/