If you’ve been looking into buying at 1800 Club but have not been able to due to financing, read today’s post.
Until 12/31/2016, one specific lender I know in the area can approve loans with 5% down. It’s a conventional loan program (not FHA), loan amount of up to $417,000 and available upon a pre-approval first. The final date of the approval is at year’s end. Nevertheless, the lender is already looking into extending the date past 2017.
When I first heard about this program, my initial reaction was that the amount of money down was too good to be true. Needless to say, I was wrong. The program does work at 1800 Club and it is currently active for all qualified buyers. For buyers and many renters in the area, many of whom have great incomes but a lack of upfront money, this is a great opportunity to finally buy a condo.
Whenever I mention the words “condo financing” to most people, they often cringe. I’m not afraid to admit that i’m one of those people. Based on my experience, the lack of financing options in addition to not enough affordable housing is arguably one of Downtown Miami’s biggest issues. Having these types of loan programs on buildings like 1800 Club is certainly a step in the right direction. Nevertheless, one building out of dozens isn’t enough. As a an area, there’s an inherent need for more buildings that qualify and/or more options in the starter market.
At this time, I’m pursuing to have the same programs apply on different buildings in the area. Some of the buildings I’m looking into are all within the area as well. The process may take some time as it does in many of the buildings. I will make sure to post if any new opportunities appear anytime soon.
For additional details on this loan program, please contact me directly.
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