Effective as of October 1, 2024
MITCHELL LAMA/EQUITY LOANS
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.