Friday, May 1, 2009

101 Eola in Downtown Orlando is FHA Approved

This week, 101 Eola Condominium announced they have received FHA approval.  This is the first new condo development in downtown Orlando to be on the FHA approved project list.

Obtaining financing has been difficult with the recent developments in the financial market.  The good news is things are improving and developments are working towards getting Fanny Mae and Freddy Mac approval with the recent changes to the guidelines.  Most of the product offered at 101Eola falls within the lending limits of FHA so buyers will have several floor plans to choose from. 

FHA Loans Can Help Put Your Goals Within Reach:

Accommodating - Flexible credit and income-qualifying guidelines

Flexible - Down payments as low as 3.5% and no mortgage payments held in reserve

Options  - Gift funds accepted for down payment

The developer has satisfied their loan obligations which means they have no liens, or pending mortgages in the building due to a equity capitalization by the master developer.  The only building to have done that in town.   What does that mean?  That means that the developer has the decision making ability to determine the sales price and in a much stronger position to negotiate the deal as the bank debt has been satisfied. 

To check out 101 Eola and other Downtown developments, please be sure to visit the new construction section of our website.