Qualified homebuyers are now eligible for loans with down payments as low as 3.5%; veterans are eligible for 0% down payments.
Annapolis, MD—Park Place is now approved for FHA and VA financing, providing buyers with more accessible loans, including new no- and low-down-payment options. Park Place was granted approval by HUD due to its excellent sales performance track record. In addition, Park Place has established special preferred-lender relationships to ensure that new homebuyers find the best financing option for their particular needs.
The project approval means that smart shoppers can take advantage of loans that are granted with more flexibility and less restrictive qualification requirements for buyers. Service veterans are eligible for loans with no money down. And homebuyers who qualify for an FHA loan need only 3.5% down. Since Park Place is currently offering specially reduced prices, this translates into a down payment as low as $11,750 (or $0) on select one-bedroom residences and a down payment as low as $16,650 (or $0) on select two-bedroom residences.
According to FHA guidelines:
- Down-payment funds can come from a variety of sources, including acceptable gift sources like non-occupying co-borrowers (for example, a parent may co-sign) and HUD down-payment assistance grants.
- Credit scores don’t have to be perfect. In fact, even if buyers have had credit problems, such as a bankruptcy, it’s easier to qualify for an FHA loan than a conventional loan.
- There are no income limits and restrictions are more flexible.
- Mortgage insurance payments and closing costs can be rolled into the loan.
- And, of course, these down payment options are substantially below the traditional 20% down.
Interested buyers should discuss these no- and low-down-payment options, as well as how to benefit from the government’s first-time homeowner tax credit of $8,000 (recently extended into 2010 with $6,500 tax credits offered to repeat home buyers), with a Park Place sales manager.
Please call 866.413.0840 or visit the Park Place Sales Gallery at 5 Park Place, Suite 501, Annapolis, MD 21401.
Visit http://www.federalhousingtaxcredit.com/ for additional information on the federal home buyer tax credits.
Park Place is a dynamic new community featuring distinctive residences, offices, shops, and restaurants in the heart of Annapolis. Conveniently located on Westgate Circle, a major gateway to historic Annapolis, Park Place offers a charming, European ambiance with colonnades and fountains. The spacious residences at Park Place come complete with a range of amenities, from on-site concierge services and a state-of-the-art fitness center to an outdoor swimming pool and relaxing hot tub.
