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Detalles

Qualifications

  • Max Purchase Price allowed is 500K. 

  • Loan amount (25K – 50K) and interest (4% or 6%) vary with household income. 

  • Term = 30 years max

  • Second lien position & title insurance required on all loan amounts.

  • No loan fees will be built into the loan amount. Borrower to pay the loan fees at closing

  • Homebuyer education from CDLI is required

  • Loan disbursement at closing., if down payment

  • At least 51% of the loan must be used for repairs. 

  • Loan fees:

    • $120 application fee

    • $125 processing fee

    • 1% origination fee

    • 10% supervision fee calculated on the basis of the total construction/rehabilitation amount

  • Applicant can be under contract before applying for the loan 

  • A signed contract with the winning contractor is required

  • Bidding process managed by CDLI

Datos de contacto

Teléfono:

(631)-471-1215 ext. 1510 or 1930 or 2580

Correo electrónico:

Divulgación

All funds can be used for repairs only, but cannot be used only for down payment. Repairs are not forcibly required before moving in, unless it is an imperative due to the physical state of the property.

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Apply Today!

Acquisition & Rehabilitation Loan Product

Acquisition & Rehabilitation Loan Product

This loan has a down payment portion and a rehabilitation portion to acquire and repair a property.

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