In a press release today we were advised that FP3, the new luxury loft development located in the Seaport District officially got FHA Financing Approval. In a world with limited creative financing, this FHA Financing option will open the doors to many new prospective buyers looking to own instead of rent this year. See the full release below:
FP3 Receives FHA Approval
FHA approval makes FP3 accessible to a host of new home buyers who qualify for mortgage loans insured by the Federal Housing Administration
FP3, located at 346 Congress Street in Boston’s Fort Point neighborhood, announced today that the building has received FHA approval. FP3 engaged in an extensive application process in which the property, association and management company were thoroughly vetted by the Federal Housing Administration. According to the FHA, this puts FP3 on a “very short list of new construction buildings” in greater Boston that have received FHA approval.
“FHA approval now makes FP3 an attractive and viable option for first time home buyers looking for affordable new construction,” said Joseph Laurano, Director of Operations for ResMark, the residential subsidiary of Berkeley Investments, owner and developer of FP3. “A 3.5% down payment, as opposed to the 20% required at most new construction properties, sets FP3 apart, especially for those buyers looking for an entrée into a full-service building. In particular, our spacious studios are an ideal choice.”
The Federal Housing Administration, generally known as “FHA”, provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.
The program and rates are designed to help qualified individuals buy homes. In order to receive FHA approval, making FHA-approved loans available to home buyers, a new construction condominium building must meet an exhaustive list of criteria and at least 51% of the units in the building must be sold. Buildings not meeting these criteria require a minimum down payment of 20%, making most new construction out of reach for many home buyers. In condominium buildings that have FHA approval, qualified buyers can put as little as 3.5% down for a loan amount up to $523,750. At FP3, half of all units are priced at $500,000 or below.
With its recent receipt of FHA approval, FP3 is one of the few new luxury condominium buildings in Boston available to a majority of buyers who want new construction. Comparable competitive projects in the city have yet to qualify for this distinction, making the award-winning FP3 an increasingly distinctive property in today’s real estate market.
To arrange an interview with FP3 spokesperson Joseph Laurano regarding the FHA approval and/or real estate market conditions in Boston, please contact Kortenhaus Communications.
FP3 sets a new standard in Fort Point living. Spanning eight floors and comprising 92 loft-style studios, one and two-bedroom, terrace, and penthouse residences, FP3 offers a surprising range of highly personal living spaces. Designed by Boston architect David Hacin, FP3 is the recipient of the AIA’s 2009 Housing Award and was named by the Boston Herald as one of Boston’s ten best buildings of the decade. FP3 is home to three of celebrity chef Barbara Lynch’s acclaimed dining establishments – Sportello, Drink and Menton – and features an independent art gallery featuring regularly rotating exhibitions of work by artists from Fort Point and around New England. FP3 was developed by Berkeley Investments.
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