The Somerset Condominium at 290 Anderson Street in Hackensack, NJ recently received FHA insured financing approval in November 2011.
The Somerset is an eye-catching 6-story mid-rise condominium with 75 units of 1 and 2 bedroom well-planned floor plans. It’s got great curb appeal and is nestled in Hackensack’s serene and sought-after Fairmount section.
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What’s the big deal about FHA approved Hackensack condos?
Well, it’s a two-fold answer. FHA insured mortgage financing is a sought-after mortgage product for many seeking to purchase a condominium with a lower down payment (typically as low as 3.5%). It’s also a plus for potential buyers whose credit scores may be a bit lower and not qualify them for conventional financing. So, this is great news for buyers.
It’s great news for buyers since it opens the field of possibilities for them, since there aren’t many FHA approved condo projects.
For sellers, this is a big deal as well. FHA approval creates a larger pool of potential buyers for properties that may have experienced less-than-optimal traffic due to tightened conventional mortgage finance guidelines. This larger pool of focused and now qualified buyers looking seriously at their units means two things.
More demand is created by more interested buyers for the FHA approved condos. This is a better scenario for condo values due to the heightened demand for the units in FHA approved buildings. It’s really just basic supply and demand economics. It gets more qualified eyes focusing on a smaller group of possibilities, those being the FHA approved condo buildings or complexes.
Call (201) 489-3020 for information on condos for sale at The Somerset.
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I’m Brian Morgenweck, broker/owner of Power Realty Group. I’m a trusted voice in real estate marketing in Bergen County & give expert advice on difficult or complex decisions in an educational & empowering way. How can I help you reach your buying or selling goals?
For more information on FHA approved condos in the area and getting pre-qualified for FHA financing, connect with me at (201)489-3020 or email me at Brian@TheJerseyScene.com.
FHA Approved Condos In Hackensack – The Somerset Condos
