Since opening, The Residences at Dixon Mills has successfully outperformed the local marketplace as the fastest-selling condominium in Jersey City. Now, with the announcement that the community has available Federal Housing Administration (FHA) financing, which requires only a 3.5 percent down payment, first-time homebuyers are finding that Dixon Mills also represents the best option to own a one-of-a-kind luxury home at an enhanced value.
Upcoming FHA Guideline Changes and April Tax Credit Deadline Mean The Time To Buy Is Now
Jersey City, N.J. (Mar. 3, 2010) – Trump Plaza Residences has been able to place many buyers into their dream homes at the 55-story Jersey City luxury condominium tower due in large part to the property’s FHA (Federal Housing Administration) loan-compliant status under which the federal government insures private loans to qualifying borrowers.
FHA mortgage terms for New Jersey, differentiating from county to county, allow for loans up to $729,000. The majority of prospective buyers at Trump Plaza Residences are first-time homebuyers seeking homes in the $450,000 to $600,000 price range, therefore qualifying for FHA financing. FHA loans have no income limits, allow for less-than-perfect credit histories and allow buyers to put down as little as 3.5 percent, compared to 10 to 20 percent for a conventional mortgage. Continue reading REAL ESTATE- FHA Financing Brings Sales Success to Trump Plaza Residences Jersey City