Mitchell Lama/Equity Loans

Effective as of January 1, 2022

MITCHELL LAMA/EQUITY LOANS

Loan TypesAnnual
Percentage
Rates
Terms in MonthsLoan Maximum AvailableMinimum Documents RequiredMonthly Payment per $1,000 Borrowed
Mitchell-Lama Co-op Equity6.49%Up to 36100% of value1$31.75
Mitchell-Lama Co-op Equity7.49%37-60100% of value1$21.19
Mitchell-Lama Co-op Equity8.49%61-84 > $25,000.00100% of value1$17.06
Mitchell-Lama Co-op Equity9.49%85-120 > $50,000.00100% of value1$14.28
Cooperative Equity4.99%Up to 36Up to $25,000.002$31.04
Cooperative Equity5.49%37-60Up to $25,000.002$20.22
Business Loans <$50,0009.99%Up to 36Up to 80% of value2$33.39
Business Loans <$50,000Up to 15.99%Up to 180Up to 80% of value2$16.39
  1. Loan application, pay stub(s), current year tax return, value/ownership letter and approval letter (if new purchase) from Housing Corporation
  2. Loan application, pay stub(s), current year tax return

*Borrowers with negative credit, regardless of credit score, including but not limited to outstanding: late payments, collection accounts, judgments, charge-offs and bankruptcies within 2 years are subject to a 2.00% interest rate increase on all of the current rates listed above and 4.00% interest rate increase on unsecured loans. Annual Percentage rates and terms are subject to change; please contact our loan department for current offers. Some loans require fees as listed on our current fee schedules.

Would you like to estimate the payments on any of these loans? Our loan calculator can help you with the numbers.


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