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BOOST/Alternate Credit Loan

Alternative Credit Small Mortgage

Type Of Program

Home Purchase Mortgage

Program distribution

Deferred Second Mortgage

Program Originator

NHS Baltimore

Amount

$75.00

Contact

NHS Baltimore

Blocks

Interest Rate

6.00

Loan Term

15 Years

Address
Baltimore
Mortgage Lender

Kwasi Frye

Description

BOOST/Alternate Credit Loan is a 15-year fixed-rate loan for up to $75,000 for Baltimore City or Baltimore County residents looking to purchase a single-family home in Baltimore City or County. This loan is specifically for homebuyers with an untraditional credit history.

Household Income Restrictions

N/A

AMI Limit

Yes

AMI

105%

Credit Requirement

680+

Max Debt To Income

N/A

Employer Participation Required

No

Must Contribute Amount

Yes

Requires Inspection

Yes

Must Earn Counseling Certificate

Yes

Eligibility Limitations

- Primary residence - Baltimore City or Baltimore County - Obtain a Housing Counseling Certificate - Single-Family Home -680+ Credit Score - Homeowner’s insurance required - Escrow of taxes and insurance required

Cash Sale Permitted

No

Cosigner Permitted

Yes

Owner Financing Permitted

No

Must be Primary Residence

Yes

Program Provider's Contact Name

Rena Somar

Program Provider's Address

25 E. 20th Street, Suite 170 Baltimore, MD. 21218

Program Provider's Phone

4103271200

Program Provider's Email

rsomar@nhsbaltimore.com

Home Buyer Obligations

Meet eligibility requirements and meet the terms of repayment.