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While cooperative ownership secures the land for the benefit of the homeowners, the lack of conventional financing undermines home ownership on that land. Private, sub-prime lenders control 85 percent of the “land-lease” market. Interest rates run between three to twelve percent above conventional residential rates.
To provide reasonably priced fixed rate loans to individuals
in cooperative communities, the Cooperative Home
Loan Program currently
offers loan products for homeowners in cooperative parks,
including:
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- first-time home buyer loans
- refinance/home-equity loans
- purchase loans for existing homes
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To apply for a loan or to receive loan
information, contact Jeff
Monier at 603-620-0573 or jmonier@nhclf.org
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For general information, contact Ulrike (Uschi) Graham, Cooperative Home Loan Program Manager, at 603-856-0737 or ugraham@nhclf.org.
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