My Life Program

MY LIFE Home Repair/Debt Consolidation Assistance

Second Mortgage Guidelines


  • Neighborhood Housing Services of Greater Berks (NHSGBI) offers Home Repair and Debt Consolidation Assistance Second Mortgage Program for qualified low to moderate income residents of PA.
  • 105% or lower of the Area Medium Income.
  • Funds may be used for any purpose within home repairs and debt consolidation parameters.
  • 2 years of interest only payments
  • Borrow up to 125% of what your home is worth – MUST BE A HOME OWNER
  • $30,000 limit

Eligible Properties:

1- unit Single family, owner occupied, principal residence.  Property to be located within the Commonwealth of PA.

Max and Min Loan Size:

$2,500 to $30,000

Maximum C L-T-V:


Interest Only Period:

***OPTIONAL 24 months interest only period (extends term if selected.)

Interest Rate:

Contact NHS for Current Market Rates – Range is 8.990% to 10.990% based upon credit profile.

761+ 8.990% 681-700 9.990%
731-760 9.250% 661-680 10.250%
716-730 9.500% 641-660 10.500%
701-715 9.750% 621-640 10.750%
580-620 10.990%

Financing terms:

5,7-,10-,15- or 20-year Terms

Income Ratios:

Max 50%


2nd position or greater lien recorded against collateral primary residence.

Credit Score:

580 (case by case)


$1,100.00 average closing cost NHS fees included with the loan.

Budget Counseling:

* Borrower to meet for at least one (1) hour with an NHS Housing counselor individually.

Other Requirements:

$99.00 Non-Refundable Application Fee (to cover third party costs.)

Credit Requirements:

No major derogatory credit in the last 12 months (1st Lender Guidelines)