1.5% off your interest rate!!! Another reason to move downtown.

Posted by The Lohser Group Cleveland on Tuesday, November 13th, 2007 at 9:43pm.

 

 

As if the 100% 15year tax abatements for many of the new construction condo projects downtown weren’t enough, how about taking 1.5% of the prime interest rate?  Sound like a scam?  It's not.  Through cooperation with the city, National City Bank has been able to offer special rate financing in areas where the National City Community Development  Corporation has made a direct equity investment.  The NCHAMP mortgage, as it is called, is available for qualified buyers on many of the condos that I feature on this site.  

 

If you are starting to think that your buck may go a bit farther downtown, YOU ARE RIGHT!!! 

 

In a recent comparison that Scott Phillips Jr. of Cleveland City Living did, he shows that, with all else being equal, a person paying $1200 a month in the suburbs could afford a house around $150,000 after taxes.  If that same person were to purchase a tax abated condo downtown and also qualified for the NCHAMP mortgage, that same $1200 a month would get her into a condo around $195,000.

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