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Loans Offered by NHS

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Consumer Loans

Loans ranging from $300-$3,000 that require little to no security and can be approved in two weeks!

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Rehab Loans

Low interest home-improvement loans to help you make your home safe and comfortable.

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Home Purchase Loans

Also known as BOOST, this loan program helps individuals lacking a credit history to apply for a mortgage.

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Consumer Loans

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Loans ranging from $300-1,000 that require little to no security and can be approved in two weeks!

Learn More

Rehab Loans

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Low interest home-improvement loans to help you make your home safe and comfortable.

Learn More

Home Purchase Loans

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Also known as BOOST, this loan program helps individuals lacking a credit history to apply for a mortgage.

Learn More

Types of Consumer Loans

See requirements

Employer-based Small Dollar Loan

Eligibility:

The Community Loan Center of the Chesapeake offers employers in 5 Maryland counties the ability to offer their employees a way to overcome financial hardships. Learn more here.

  • - Must work at a participating employer for at least 3 months
  • - Must have a checking account
  • - Must be eligible for employee benefits
  • - Must have an ability to repay the loan

For more information contact Rena Somar at:

rsomar@nhsbaltimore.com or call 410-327-1200 (ext.116)

Requirements:

LOANS

$400 - $1000

Repayment Time

12 months

Free financial counseling available

Interest Rate

18% + $20 administrative fee

Employment

Working at a participating employer for at least 3 months

Repayment Schedule

Loans are automatically repaid through your paycheck

No prepayment penalties

Banking requirement

Checking account

Underwriting

Must have an ability to repay the loan

Credit

No credit history or collateral needed

Types of Rehab Loans

See requirements

Up to $3000 Small Rehab Loan

If you do not have enough equity in your house but need repairs, then this is the route for you.

Eligibility:

  • - Must be employed continuously for 1 year
  • - Must have direct deposit
  • - Must reside in Baltimore City or County
  • - Must have credit score of at least 620

For more information contact Rena Somar at:

rsomar@nhsbaltimore.com or call 410-327-1200 (ext.116)

Requirements:

LOANS

$1001 - $3000

Repayment Time

Up to 3 years

Interest Rate

8%

Employment

Must be employed continuously for 1 year

Repayment Schedule

Monthly direct deposit option

Banking requirement

Must have direct deposit

Underwriting

Must have an ability to repay the loan

Credit

Credit score of 620 and above.

See requirements

Up to $7500 Quick Fix Loan

With this mortgage loan product, you could install a new heat pump or insulate your attic and improve efficiency. You can choose your own contractor to complete the work and may close in as little as 30 days. Borrow up to $7,500 at a 5% interest rate payable for 5 years with monthly payments of $100.

Eligibility:

  • - Must reside at or below 120% of the Area Median Income
  • - Must reside in Baltimore City or County
  • - Must have credit score of at least 620
  • - Must have equity in the amount of the loan

For more information contact NHS at:

intake.rehab@nhsbaltimore.com

Requirements:

LOANS

$3001 - $7500

Repayment Time

Up to 7 years

Interest Rate

5%

Employment

Must be employed continuously for 1 year

Repayment Schedule

Monthly direct deposit option

Banking requirement

Must have direct deposit

Underwriting

Must have an ability to repay the loan

Credit

Credit score of 620 and above.

See requirements

Over $7500 Large Renovation Loan

Eligibility:

With this loan you could borrow up to $30,000 at a 0% - 4% interest rate depending on the level of repairs needed on your house. Payments can be deferred until you sell your home depending on your ability to repay the loan. Use this loan to cover costly improvements such as new brickwork or repairs to water damage.

  • - Must reside at or below 120% of the Area Median Income
  • - Must reside in Baltimore City or County
  • - Credit reviewed no score required
  • - No medical collections over $1000
  • - No judgements no liens

For more information contact NHS at:

intake.rehab@nhsbaltimore.com

Requirements:

LOANS

$7501 - $30,000

Repayment Time

Up to 20 years

Interest Rate

0% - 4%

Employment

No requirement

Repayment Schedule

Based on the ability to repay

Banking requirement

No requirement

Underwriting

Must have an ability to repay the loan

Credit

Credit reviewed no score required

Types of Home Purchase Loans

See requirements

BOOST/Alternate Credit Loan

BOOST loan is a home purchase loan that assists individuals without traditional credit history in qualifying for a mortgage.

Eligibility:

With this loan you could borrow up to $75,000 for the purchase of a primary single family residence. The borrower must:

  • - Occupy the property as a primary residence and cannot own another property
  • - Purchase the property in Baltimore City.
  • - Obtain a Housing Counseling certificate from a HUD-Approved counseling agency and have obtained 8 hours of homebuyer education
  • - Contribute 10% of purchase price; 3% must be borrower’s own funds. Other funds can be contribution, incentives, and gift.

For more information contact Rena Somar at:

rsomar@nhsbaltimore.com

Requirements:

LOANS

Fixed rate up to $75,000
$5K of the $75K can be set aside or repairs

Repayment Time

15 years

Interest Rate

6%

Purchase Price Limit

No limit

Maximum CLTV

100%

Credit Score

680 minimum score or alternate credit: 12 months of on-time rent & two other trade lines showing 12 months of on-time payment

Escrow

Homeowner’s insurance required
Escrow of taxes and insurance required

See requirements

The Tu Hogar program

The Tu Hogar program is a home purchase loan that assists individuals without traditional credit history in qualifying for a mortgage. For more information please visit our partners at Southeast CDC.