Fannie Mae Financing Program Now Available For Metropica Buyers
Metropica, the largest mixed-use development in Florida, is offering new and exciting benefits to potential buyers. Upon final Fannie Mae approval, Metropica will be offering qualified domestic buyers high leverage Fannie Mae sponsored loans. This is of major significance since there are only about 10 new construction buildings in both Miami-Dade and Broward counties to have received Fannie Mae’s PERS (Project Eligibility Review Service) approval, with Metropica being the only one of its kind offering a variety of unit choices.
Knowing the importance of offering financing to potential buyers, Metropica’s developers have taken the initiative to undergo Fannie Mae’s rigorous PERS approval process that consists of a comprehensive review of all aspects of the property. By passing the review, the project now has a conditional approval, which upon receiving final approval, will open the door to new financing options giving its buyers valuable liquidity.
Fannie Mae loans have a current maximum loan limit in Broward County of $417,000 and upon receiving the Final PERS approval, eligible buyers can finance up to 95% for primary residences, up to 90% for second homes and up to 80% for investor units. The program allows some buyers to put as low a 5% down payment, which is in stark contrast to the normal 25% or higher down payments required for condos in the South Florida market, making purchasing accessible to a larger demographic. To qualify, buyers must undergo normal FNMA underwriting guidelines, which include documenting proof of sufficient income, assets and the minimum qualifying credit score for the program.
Metropica’s preferred in-house lender, New Penn Financial is facilitating the process to make it as easy as possible. The company has been the preferred mortgage lender to numerous developments and has a solid reputation in the industry for providing the most reliable real estate financing. Although the program is only available for U.S. citizens, foreign buyers interested in purchasing a residence can get up to 70% financing through New Penn Financial.
For more information about Metropica’s Fannie Mae financing program, contact Jeffrey Brown at New Penn Financial, at firstname.lastname@example.org, or contact our sales team to schedule a private presentation to learn more about the project.