Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: May 17, 2013

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Are you in Maryland and in desperate need of new plumbing? Well, there’s a personal loan for that.

The Department of Housing and Community Development (DHCD) has launched an Indoor Plumbing Program that will provide indoor plumbing to homes. The press release from the DHCD states that the personal loans can be used for either owner-occupied homes or rental properties that do not have indoor plumbing.

The personal loans carry a 4.5 percent minimum interest rate based upon the owner-occupant’s repayment ability. Any personal loans in excess of $5,000 will be secured by a mortgage. The maximum financing amount is 95 percent of the value of the property.

Andy DeVilbiss, Public Information Officer at the DHCD’s Office of Communications and Marketing, told that applicants do not need a certain credit score in order to be eligible for the personal loans.

“However, an applicant’s overall credit score is a factor when determining their ability to repay or eligibility for a deferred loan,” said DeVilbiss. 

He also said that the DHCD’s Special Loan Programs division has allocated $250,000 for the program. The loans are available on a first-come, first-serve basis. Thus far, half of the allocated $250,000 has been lent out as personal loans.

While the program covers fixtures and piping, DeVilbiss stated that the program is typically used for septic tank issues and connection to public water lines. 

Despite the grave destruction wrought by Hurricane Sandy, the Indoor Plumbing Program is not made to repair damage caused by a natural disaster.

“The Indoor Plumbing Program is a subprogram/category under the state’s main home improvement loan program, the Maryland Housing Rehabilitation Program (MHRP), and both programs have existed for many years,” said DeVilbiss.

DeVilbiss explained that Applicants must qualify as low- to moderate-income homeowners. However, based on income eligibility and the necessity of the plumbing rehabilitation, applicants could be eligible for zero-percent interest and/or deferred payment loans. Loans must be repaid in all cases upon the sale or transfer of the property.