Effective as of May 1, 2025
MITCHELL LAMA/EQUITY LOANS
Eligible Mitchell Lama – Coops
- Amalgamated Warbasse Houses
- Cadman Plaza North
- Kings Bay Coop Section 2
| Loan Types | Annual Percentage Rates | Terms in Months | Loan Maximum Available | Minimum Documents Required | Monthly Payment per $1,000 Borrowed |
|---|---|---|---|---|---|
| Mitchell-Lama Co-op Equity | 8.99% | Up to 36 | 100% of value | 1 | $31.81 |
| Mitchell-Lama Co-op Equity | 9.99% | 37-60 | 100% of value | 1 | $21.25 |
| Mitchell-Lama Co-op Equity | 10.39% | 61-84 > $25,000.00 | 100% of value | 1 | $16.81 |
| Mitchell-Lama Co-op Equity | 11.39% | 85-120 > $50,000.00 | 100% of value | 1 | $14.01 |
– If the loan amount is greater than $25,000.00 you have the option of a loan term up to 84 months.
– If the loan amount is greater than $50,000.00 you have the option of a loan term up to 120 months.
- Loan application, pay stub(s), current year tax return, value/ownership letter and approval letter (if new purchase) from Housing Corporation
- 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.