Seton Hill qualifies for the Healthy Neighborhoods program, which offers multiple kinds of special loans for purchasing, repairing, and renovating homes.
The Purchase & Rehab Loan
Eligible borrowers must also this loan to purchase and make improvements to the property. The loan carries a fixed interest rate that’s always 1% below the 60-day Fannie Mae rate (but in no event less than 4%). 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 110% of the after-rehabilitation appraisal of the property. No private mortgage insurance is required. Design assistance from an architectural firm is available to help buyers plan improvement and review contractor proposals. See the Healthy Neighborhoods website and the term sheet for more details.
The Special Purchase Loan
This is a special program for people who are purchasing a formerly vacant home that has already been rehabbed by approved developers. There is no renovation work required for the home-buyer upon purchase. The interest rate will be fixed at 1% below the 60-day Fannie Mae rate (but in no event less than 4%). The term is 30 years. The loan requires no private mortgage insurance and a minimum of 3% down payment. See the Healthy Neighborhood’s webpage and the term sheet for more details.