If you want to purchase a primary residence and need money for the down payment and closing costs, we can help! Under a program developed jointly with the IDB Administration, you can borrow the funds you need (subject to regular credit procedures) to make up the difference between the amount you can obtain on a first mortgage loan and the total purchase price of the property (including closing costs).
For example, suppose you are purchasing a home for $200,000 and your closing costs are $5,000. If you first mortgage loan is $180,000 then you need $25,000 for the down payment and closing costs. We can provide all or part of this $25,000 as a supplemental housing loan!
Special Repayment Plan for Homes under $100,000
If you have a net family income after taxes below $35,000 and purchase a residence whose total purchase price, including closing costs, is $100,000, you may repay your Supplemental Housing Loan over 10 years. You pay interest only for the first 3 years, then principal and interest the remaining 7 years.
The specific terms of our Supplemental Housing Loan program are shown below:
Just contact our Lending Department* to get started.