New Housing Construction Loan Program

02/17/2014

The Housing Department of the Mohawk Council of Kahnawà:ke (MCK) is pleased to announce a New Housing Construction Loan program intended to provide qualified applicants a mortgage for the complete construction of a new house using funds from the Revolving Loan Fund.

The New Construction Loan Program has continuous intake (10 +/- loans per year) and features the following:

•    Maximum loan amount of $150,000 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
•    Online payments
•    Continuous intake for application process - no deadline to apply.
•    Loans given to those who qualify, on a first come, first served basis

This New Housing Construction Loan program is part of a revamp of MCK housing programs, designed to better meet the community′s current housing needs by making a mortgage to build a suitable home in today′s housing market more attainable.

For full loan details and eligibility criteria on the New Housing Construction Loan program, please call the MCK Housing Department at 450-638-0500. Information Kiosks will be set up in the lobby of the Services Complex on February 20th & 27th and March 20th & 27th from 9am – 4pm.