Urban Redevelopment Authority of Pittsburgh
Consumer Home Financing
Home Mortgages:
Housing Recovery Program (HRP)
Low interest mortgage financing to purchase and fix up one of Pittsburgh's older properties--in one loan!
Current Interest Rate 6% 30 year, fixed
Have you dreamed of owning one of Pittsburgh's beautiful, older homes with "character" but worried about the cost of remodeling? The URA's Housing Recovery Program (HRP) can help with a low-interest loan to purchase or refinance a home and make substantial repairs -- with just one monthly payment.
What are the Program Features?
(PDF File, 1 page)
- Below market interest rate loan for purchase and substantial home repair combined in one low-rate mortgage. Can be used for finance and repair.
- 30 year, fixed rate mortgage
- Current rate is 6%
- Interest free, deferred second mortgage funds available for up to 20% or 40% of total project cost. Available for qualified borrowers with properties located in Target Areas.
- Grant funds for down payment and closing cost assistance for low income borrowers
- Grant funds for the elimination of lead hazards within the home
- Can be used for properties with as many as 4 residential units
- Low down payment requirements--as low as 3%
- Borrowers in Target Areas may exceed income limits.
What are the Requirements?
- Home must be in the City of Pittsburgh
- Home must be at least 20 years old and in need of repair
- Borrower must occupy the home upon completion of renovation
- Project cost limits apply
- Income limits apply (Over-income borrowers who purchase homes in Target Areas may still be eligible for HRP. Check with the URA or a lender for eligibility.)
- Origination fee of 1.5% of mortgage loan amount. This amount can be split equally between the buyer and seller or the seller can pay the total amount, but seller must pay 1/2 of the fee.
- Current mortgage holders must refinance any existing mortgage to qualify
- Work must be done by a professional general contractor who is certified to do lead based paint abatement
- Building code violations and lead based paint hazards must be corrected
How Does the Program Work?
The HRP program follows a process that takes place over time, the length of which depends on a number of factors. See Summary of the Process for HRP. For more information, call one of the participating lenders or Alicia Majors, Program Officer at 412-255-6698.
How Do I Apply?
Please contact one of the participating HRP lender partners shown below. The URA strongly recommends that interested applicants get pre-approved by a lender before signing a sales agreement.
Where Do I Apply?
- Dollar Bank 412-617-1820
- National City Bank of Pennsylvania 412-661-4327