Federal Housing Administration’s Mortgage Program Offers Up to 96.5% Financing for Qualified Buyers
New York, NY – April 30, 2010 – (RealEstateRama) — Halstead Property Development Marketing today announced that Metropolis, a new development in Harlem, has been approved by the Federal Housing Administration’s mortgage program.
Located at 51 East 128th Street, Metropolis is a new residential development that features innovative green building technologies, which are both eco-friendly and cost effective for residents. With FHA approval, qualified buyers will now be able to purchase homes at Metropolis with a down payment as low as 3.5%.
Metropolis is among several FHA approved developments in New York City, and qualified buyers will benefit from a low fixed rate mortgage guaranteed by the FHA. Benefits of FHA-backed loans include:
- A low down payment
- Easier qualifying
- Down payment that can be gifted to the borrower
- Lower closing costs and interest rates than with a conventional mortgage
- Protection against foreclosure
“FHA Loans, together with energy efficiency cost-savings, offer serious value to potential buyers,” said Stephen G. Kliegerman, executive director of Halstead Property Development Marketing. “The availability of FHA loans expands the market of potential buyers and makes it easier for qualified buyers who may have found it difficult to obtain mortgages previously.”
FHA loans and financing through Fannie Mae and Freddie Mac have helped bolster the New York City real estate market and will continue to throughout 2010.
The Metropolis is a six-story, 13-unit development that includes one and two-bedroom homes. The remaining units range in size from 570 – 800 square feet and are priced from $350,000 to $485,000. Residents will enjoy generous outdoor space and amenities like a fitness center, community recreational rooftop area, bicycle storage, valet closet, high speed elevator and a 24-hour video doorman. Construction at Metropolis is slated to be complete in June 2010 and the building is slated for occupancy in Summer 2010. For more information, please visit:
http://www.metropolis128.com.
Metropolis is being developed by design builder Claudia Weldon of 128th Street, LLC in New York and the façade was designed by Peter Wiederspahn of Wiederspahn Architecture in Boston.
Metropolis is marketed and sold by Halstead Property Development Marketing. For photos and floor plans, please visit http://www.metropolis128.com/ or contact Nicole Amato at nicole (at) mediashoppr (dot) com or 212-867-8778 x226.
About Halstead Property Development Marketing:
Halstead Property Development Marketing is the exclusive sales and marketing firm for numerous new developments in the tri-state area. They consult with developers on every aspect of the development process, including: pre-development planning such as comprehensive market research, detailed unit mix and layout analysis and amenities planning, all of which enables their clients to maximize sales prices, increase absorption rates and provide an overall superior product benefiting the consumer and developer. In addition, the division directs and coordinates the selection of all on-site personnel, conducts extensive sales training and monitoring, designs exceptional sales environments, and creates integrated communications planning including marketing, advertising, public relations and branding. For more information on the Halstead Property Development Marketing Division, please visit: http://www.HalsteadPDM.com/.
Contact: Nicole Amato, nicole (at) mediashoppr (dot) com
Mediashop PR, 212-867-8778 x226
