National City discount financing “NCHAMP” NOW only requires 3% down on select condos.
If you have heard about and been following this terrific program that National City Mortgage offers for new construction in Cleveland, then you know why this is such great news. If not, let me try and shed some light on the issue.
One of the great selling points for people looking to move downtown is that National City is able to offer 1.5% off the interest rate you would get approved for when you purchase a newly constructed condo/townhouse in Cleveland. This program is called NCHAMP. In the beginning this type of loan was offered with zero money down. Then it changed to 5% down, then 10% and finally 15%. This was all fine and good for some people but for others it made the program a bit out of reach.
Recently it has come to my attention that National City is very close to being able to offer the 1.5% rate discount on loans for select condos and only require 3% down at closing. This news could be HUGE and at what a great time. Coupled with the federal grants for first time home buyers (see previous blog) and tax abatements already being offered, you can see why there is no place like home when talking about downtown Cleveland!