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With Continued Momentum Created by Available FHA Financing, Riverbrook Walk Condo Community in South Bound Brook Launches Sales of Next Building
2011-10-06 00:00:00.0

FHA Financing Approval Opens Doors for Even More Homebuyers at

PRC Homes’ Popular New Condo Community, Priced from the $180’s  

 

October 6, 2011 – South Bound Brook, NJ – PRC Homes has announced the Grand Opening and beginning of sales for the second building at their Riverbrook Walk condominium community in South Bound Brook. The sales launch is ahead of the developer’s projected timeline in part because of the popularity of the community’s Federal Housing Authority financing, which makes the community even more appealing for its key buyer profiles: young, first-time homebuyers, and cost-conscious empty-nesters who are downsizing from an older single-family home. The new building at Riverbrook Walk will offer several new floorplans, and will include professionally decorated model homes for prospective homebuyers to tour.

 

Under the provisions of the FHA-backed financing program at Riverbrook Walk, homebuyers can purchase with a down payment as low as 3 ½% of the purchase price, and at interest rates that are typically 1/8th to 1/4th a percentage point lower than most market rates. FHA financing also has more relaxed credit requirements and qualification criteria than standard financing; buyers with credit scores as low as 500 can still qualify. With today’s much stricter credit requirements from most mortgage lenders, that’s welcome news for homebuyers (especially young, first-time buyers) who can afford a monthly mortgage payment but may not have very much cash in-hand to initiate the purchase, or who are trying to rebuild their credit rating. FHA-backed financing at Riverbrook Walk is available for both fixed-rate financing and adjustable rate mortgages (ARMs). FHA-backed financing is always handled through a designated, market-rate mortgage company; in Riverbrook Walk’s case, that lender is Wells Fargo Home Mortgage, one of the oldest and still most stable mortgage companies in America – yet another reassuring plus for the community’s homebuyers.

 

Riverbrook Walk buyers also enjoy a PILOT Tax Abatement Program for the property by the State of New Jersey. People who purchase a Riverbrook Walk home will enjoy an almost 50% discount on their property taxes over the next 10 years. Between the FHA financing availability and the tax abatement program, potential buyers may find that they can own a brand new Riverbrook Walk condo for less every month than what they currently pay in rent.

 

Riverbrook Walk’s key selling propositions are its low maintenance, comfort and convenience, and the condominium flats are designed to be equally well suited for young, busy professionals who simply don’t have time for a lot of home maintenance, or older, empty-nest buyers who want style and space without any stairs.  The result is a community of 1- and 2-bedroom condos in elevator buildings set on lushly landscaped grounds. The community will ultimately include 90 condominium homes in 5 buildings designed in a traditional style but with modern innovations. All will include open, spacious floorplans, contemporary finishes and private balconies. Riverbrook Walk has its own clubhouse that includes a private community fitness center and community rooms.

 

To learn more about PRC Homes’ new condos at Riverbrook Walk in South Bound Brook, and its multiple programs that can help buyers purchase with less cash, have lower mortgage payments than they expected, and save on property taxes for 10 years, interested buyers and their Realtors® should phone the sales office at 732-560-9800, or visit online at RiverbrookWalk.com.