Housing Program increases home construction loan amount to $175,000

03/23/2016

The Mohawk Council of Kahnaw�:ke Housing Department is pleased to announce that beginning April 1st, 2016, the borrowing amount for loans from the New Housing Construction Loan Program will be increased to $175,000.

The Construction Loan Program utilizes funds from the Kahnaw�:ke Revolving Loan Fund and has continuous intake (10 +/- loans per year) and features the following:

�    Maximum loan amount of $175,000 to build a new home
�    Minimum down payment 5% of the mortgage principal
�    Mortgage Interest rates guaranteed lower than the current market
�    Re-pay your loan in as little as 5 years or as many as 30 years
�    Up to 15% Pre-Payment Annually
�    Choice of Weekly, Bi-Weekly or Monthly mortgage payments
�    Continuous intake for application process - no deadline to apply
�    Loans given to those who qualify, on a first come, first served basis

�We are continually improving our program to better suit the needs of our community,� stated General Manager of Housing, Iris Jacobs. �The program already provides a great opportunity to build a suitable home in today�s housing market, but now community members have access to more funds.�

For full loan details and eligibility criteria on the New Housing Construction Loan program, please call the MCK Housing Department at 450-638-0500.