BALTIMORE, MD, November 1, 2021—Neighborhood Housing Services (NHS) of Baltimore has launched a new financial product, the Rapid Rehab Loan, aimed at both new Baltimore City homeowners as well as those who have been in their homes for a while.
Borrowers can request up to $20,000 to make larger repairs in their homes. The funds can be used for any home upgrades, ranging from renovation projects to energy-efficient repairs. In addition to traditional rehab loan candidates who have been in their homes a few years, this new loan product targets new homeowners who have only recently purchased their properties. Customers can access funds within 30 days of applying.
The Rapid Rehab Loan’s key features include:
- Loans up to $20,000
- New and Seasoned Buyers Can Apply
- Funds Available in 30 Days
- Funds for Any Home Renovation Project or Energy-Efficient Repairs
- Affordable Loan Terms
- No Income Limit
“This is a proud day for all of us associated with NHS of Baltimore,” NHS Executive Director & CEO Dan Ellis says. “This new loan product will allow us to continue to make a difference in the lives of Baltimore residents, who long to participate in the growth and development of strong communities. With their help, our mission and our work carry on.”
To be eligible, homeowners must reside in Baltimore City. Other requirements include:
- Property must be used as a primary residence
- Minimum credit score of 680
- Continuously employed for one year
- Property and water bills must be current
“The real selling point of this loan is you can apply the very first year you are in your home,” says Cassandra Robb, Director of Homeownership Preservation for NHS. “We hope this will reduce the barriers for new homeowners and also attract the traditional rehab loan customers, who have been in their homes for a while.”
NHS of Baltimore offers several programs to help with the homebuying process. In 2020, NHS helped 457 new homeowners in Baltimore.
NHS offers affordable loans to purchase, improve, and keep homeowners in their homes. We also offer consumer loans and partner with employers to offer small-dollar loans to their employees through our Community Loan Center of The Chesapeake’s Small Dollar Loan Program. The program is an affordable, risk-free alternative to payday and car title loans.
To apply for the Rapid Rehab Loan or for full details, visit our website at NHSbaltimore.org or e-mail lendingadvisor@nhsbaltimore.com.
About NHS Baltimore
Neighborhood Housing Services (NHS) of Baltimore was founded in 1974 as a consortium of local residents, community groups, foundations, business leaders and local government. Our mission is to spark renewed vitality in neighborhoods by engaging community partners, increasing sustainable homeownership and advancing innovative capital solutions. To learn more about NHS of Baltimore, visit nhsbaltimore.org.