Details
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
Contact Info
Phone:
(631)-471-1215 ext. 1510 or 1930
Email:
Disclosure
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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Acquisition & Rehabilitation Loan Product
This loan has a down payment portion and a rehabilitation portion to acquire and repair a property.