Water Street Re-Instates (NCHAMP) Below rate Financing!!!

Posted by The Lohser Group Cleveland on Monday, June 7th, 2010 at 11:41am.

For those of you who are considering a condo downtown or even some new construction within the city limits, you may have heard of Urban Assist or NCHAMP.  These are programs that help the city lure developers to build, help developers sell their homes and give buyers of new construction 1.5% below a 30yr fixed rate.

NCHAMP was National City Bank's version of this program and since the merger, it has virtually gone away completely.  PNC showed a bit of faith in downtown, last week when they took a chance with Water Street Condominiums and re-instated the NCHAMP program. 

That means, if you are considering purchasing a condo from the developer, and the current rate is 5.5%, by using the NCHAMP program, you will lock in a rate of 4% for 30yrs.

That is some serious change my friends!  When you add to that a 10yr 50% tax abatement, your carrying cost just dropped significantly and I wouldn't blame you if suddenly the suburbs didn't look so attractive.
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