Last year when we discovered the ad for The Fitzgerald on Copyranter.com, we found it to be a bit odd. For
one thing the word choices were strange. One commenter felt that the “theme” had racist overtones. Well, here we are a year later and The Fitzgerald has grabbed out attention again for once again for thinking outside the box. One might even say that they are “pioneers taking the road less traveled.” Due to the unstable real estate and financial market, the developers are offering mortgages directly to their buyers. And this is no small concession to lock in a deal — they will cover 90 percent of the purchase price, with no points and no appraisal fees.
The loans offered by the sponsor have the same repayment schedule as 30-year-loans, but are available for a maximum of seven years — more than enough time, Mr. Friedman said, to wait out the national real estate malaise. Interest rates will be set a half a percentage point below those offered by Citicorp on comparable 30-year loans.
He said buyers would be required to put down at least 10 percent, or $65,000 for the least expensive unit, and to qualify for the loans. But he also said the sponsor’s standards would be “much more liberal” than the ones currently set by most banks.
Source: NYT
Posted on July 12, 2008 by D. Bell