Buyers in Newgard Development Group's Downtown's newly delivered 352 loft style unit Centro Condominium will now be able to close with a Fannie Mae mortgage with rates around 3.45%. With the approval, which is through February 2018, buyers may be able to finance up to 95% of the purchase price on a 30 year mortgage. There are less than 30 units left to be sold and new residents have begun to move-in. Centro is located at 151 SE 1st St. in downtown
Those who qualify for the loan can take out up to 95% as a primary residence, 90% for a second home, and 85% for an investment property purchase, though the maximum loan amount cannot exceed $417,000. Rates can be as low as 3.45%. Units at Centro range in from $300,000 to in the $500,000's and from 654 to 1,131 SF. The innovative building has no parking and is a true "New York" style downtown condo building. It is part of the push into cleaning up Downtown Miami and making it a desirable place to live.
“Securing Final Fannie Mae approval means that a buyer’s principal and interest on a unit at Centro can be extremely affordable and beyond-comparable to renting, with the affordability challenges in Miami, specifically within the downtown/ Brickell urban core, Centro becomes one of the area’s greatest values.” said Harvey Hernandez, the chairman and managing partner of Newgard Development Group. “Centro provides a rare value proposition, luxury, high-tech design, within very attainable pricing and financing, something which is virtually unprecedented in today’s downtown/Brickell condominium market.”