RENTAL FINANCING

RENTAL NEXT DOOR PROGRAM VILLAGE OF SOLVAY

Investor.jpg

Looking to invest in a rental property, but need help with financing?

 

VILLAGE OF SOLVAY
INVESTOR PROPERTY IMPROVEMENT LOAN

Map of eligible areas. Click to enlarge!

Home HeadQuarters, in partnership with Onondaga County and Empire State Development , is offering Village of Solvay Investor Owners property improvement loans of up to $15,000 at 5% interest, payable over 7 years. The loans can be used for exterior home improvements only and property owners must be current on their property taxes. This loan is for 1-4 unit dwellings only.

If you're a homeowner in the Village of Solvay, please visit our Improving Your Home page to learn about your low-interest loan opportunities.


RENTAL NEXT DOOR PROGRAM

Home HeadQuarters offers financing to homeowners who want to own or renovate rental property in their neighborhood. The program provides qualified applicants with loans to cover the cost of purchasing a vacant property and/or renovating property into one or more suitable rental units.

Program Details

  • The program currently offers loan terms of up to 15 years with a fixed 6.99% interest rate.
  • 90% maximum Loan to Value after rehab
  • No PMI/MPI
  • Flexible underwriting

Eligibility Requirements

  • Owner must reside in Onondaga County
  • Owner must demonstrate a good track record of tax payments
  • Property must have a positive cash flow
  • Property must be a 1-4 unit residential property
  • Owner must provide at least 10% equity towards the purchase or rehab
  • Owner needs to submit a redevelopment plan for the property along with price estimates/bids from contractors
 

RETURN TO TOP OF PAGE