Howard County homeowners can take advantage of loan program for repairs
BALTIMORE -- The Howard County government is suggesting to its residents that they consider applying for a home rehabilitation loan.
The RRR home rehabilitation loan program assists income-eligible Howard County homeowners with making repairs to their homes.
The loan covers critical and cosmetic repairs, according to county officials.
It covers the cost of improvements that accommodate special needs throughout the home, such as exterior ramps, chair lifts, height adjustments, and grab bars, too, county officials said.
To be eligible for the loan, a person:
- Must own a single-family home, townhome, condo, or mobile home in Howard County.
- Occupy the home full-time as the principal residence.
- Have owned the property for at least one year.
- Household gross annual income does not exceed 80% of Howard County's average median income (AMI; see chart for details).
- Debt to income ratio (DTI) does not exceed 45%.
- All dues such as mortgage, property taxes, homeowners' insurance, and HOA/Condo fees must be current and up to date.
- Credit score of at least 620.
- Loan to value (LTV) of the home cannot exceed 110%.
To apply for the loan, Howard County residents must complete an application packet and send it in via email, certified mail, or in person, according to county officials.
A loan coordinator will confirm that the application has been received. Afterward, the information will be processed and the applicant will undergo a "soft credit" check, county officials said.
Those applicants who are eligible for the loan will be asked to provide proof of homeownership, tax filing status, assets, and other information, according to county officials.
There is a free webinar about the program at 4 p.m. on June 27. Howard County residents can email tshelton@howardcountymd.gov to register for the webinar, county officials said.
