Bellevue Towers, the largest condominium complex in Downtown Bellevue, has just announced their approval to offer FHA financing. The Towers, which play home to 539 condos, will now be easier for buyers to receive financing for. Customers can get financing with down payments as low as 3.5% on loans up to $567,500. (Over $567,500 requires a jumbo loan and 25% down.) Additionally potential buyers are not as limited by the lenders that they are able to receive financing from as they once were.
The building is just under 20% occupied, leaving over 400 homes pending or available for sale. Over the last 3 months Bellevue Towers has closed nearly 20 condos and in March alone received 15 new offers.
Bellevue Towers is in good company with their recent FHA approval and joins other big developments like Washington Square and One Main Street in Bellevue with FHA approval. If you are looking into buying a home now is a great time with tax credits expiring at the end of April ($8K first time buyer $6.5K repeat buyers).
This is great news for DT Bellevue’s overall condo market. Even as a Washington Square owner, I’m still very excited to see this approval come through….
If you are looking at any of these condo complexes and chose to have an independent look at mortgage options, give us a look. We are located in Downtown and can give you the lending experience that a bank just can’t provide.
Paul Dolan