Baltimore Community Lending

If you see the potential in a property that needs rehabilitation work, or if you’d like to finance the renovation of your current home, the Single Family Loan Program will allow you to do just that.

This flexible program allows the borrower to purchase and renovate any property, whether occupied or vacant. The purchase price, construction cost and a portion of the closing costs can all be conveniently financed into one loan.

Current homeowners can finance renovations to their homes and refinance their existing mortgage, being left with only one mortgage once renovations are complete.

The next best thing to a custom built home.

Baltimore Community Lending is also a CDA Approved Lender for the Maryland Mortgage Program, including More House 4 Less single family loan products. To learn more, click here.

Property Type

Located in Baltimore City
Must be borrower's primary residence
Owner-occupied, one- to four-unit properties

Term

30 Years

Loan-to-Value Ratio

95%, may include closing costs

Points/Down Payment

Call for quote

Qualifying Documents

Personal Financial Statement
Credit Authorization Form
Homeownership Counseling Certificate
Most current pay stubs covering six weeks
Most current three years of income tax returns
Most current three months of bank and investment statements
Statements of all open credit or installment accounts
Vacant Property Form, if you are buying a vacant house in Baltimore City

Construction Documents

Scope of Work and Cost Estimate
Construction Bid Proposal

Other Features & Conditions

The rehabilitation cost must be $20,000 or greater.
The loan is subject to Fannie Mae single-family loan guidelines.
The loan features relaxed debt ratios.
There are no income limits.
The program is not limited to first-time homebuyers.