City purchase-money mortgages are available to qualified purchasers for the purchase of auction property. Available financing is determined by the sales price of the parcel as follows:
SALES PRICE
$20,0001 - $100,000
$100,001 - $200,000
over $200,000 |
DOWN PAYMENT
50%
40%
35% |
MAXIMUM FINANCING
50%
60%
65% |
Interest Rate: 7%
Term: 15 years maximum
City purchase-money mortgage applications are available at INSTRUCTIONS AND FORMS.
Please refer to your auction brochure for more detailed information regarding purchase financing at MORTGAGE LOANS.
DCAS does not offer rehabilitation or construction financing. Please visit the following sites for information about construction financing opportunities.
· NYC Department of Housing Preservation and Development (HPD)
· NYC Housing Development Corporation (HDC)
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