Boardwalk Condos FHA Approved – Downtown Grand Rapids Condo Update

 

Boardwalk Condos are now FHA Approved!

Boardwalk Condos Boardwalk Condos are located at 940 Monroe Ave NW and are now FHA approved up to 3%. This means that qualified buyers can now obtain an FHA Mortgage with a 3% downpayment. This was just changed in December ’08 and will certainly help sales at Boardwalk Condos. Before this, an interested buyer would have to have at least 10% down and that is hard for most people in this price range in this market. 3% is alot more manageable.

FHA (Federal Housing Administration) is an agency of the federal government that insures private loans which are issued for new and existing housing. FHA was created by congress in 1934 and became a part of HUD (Housing and Urban Development) in 1965.

Boardwalk condos are about 1 mile north of the downtown Grand Rapids Boardwalk Condo Amenitiescore. The building is a solid, old brick construction that overlooks the Grand River, just north of the Fish Ladder. Boardwalk Condos offer their owners many great amenities that you won’t find in other downtown condos. JD Reardons (restaurant and bar), Game room, Theatre room, Endurance Fitness Centers, a beauty salon and two courtyards. One courtyard has a pool and hot tub and the other has a green area with grills, park benches and trails. During the summer months, the Boardwalk keeps Kayaks available for use down by the river.

The condos themselves are a cool, urban loft style with exposed brick, exposed wooden beams and ductwork. Out of 200+ condos, approximately 40 remain. These are studio, 1, 2 and 3 bedrooms and each condo has secure, covered parking with prices from $80k for a studio to over $400k for one of the larger 3 bedroom units.

One of the perks of buying a new condo at the Boardwalk is the low interest rate. The building falls under a Community Reinvestment Credit which gets you an interest rate that is 1.5% lower than the current rate. As of today (January 9th,2009) that would get you a 3.8% rate locked in for 15 or 30 years from National City Bank. That is huge!!!

For more information on these or any other homes or condos in the Grand Rapids area, visit my website to search for Grand Rapids homes or condos and contact me any time.

Click Here to preview the available Boardwalk Condos.

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One Comment

  1. Posted January 10, 2009 at 11:53 pm | Permalink

    This is always a great feature for these condos in a market like we are in. FHA seems to do little to bring more on board but then they work for someone and often not the tax payer.

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