Fannie Mae's new guidelines requiring new construction to be at least 70% presold before they will fund loans has affected some projects in Seattle. One such case is Rollin in South Lake Union delaying their closing. As for Ruby in Eastlake, it looks like they have found a way to get over this hurdle. Ruby has started partnering with a local lender (Seattle Mortgage) that has committed to close homes with no presale requirement. The developer is also working with other regional lenders for additional commitments to close homes with no presale requirements. The building is also FHA and VA approved which opens up more doors for them to appeal to home buyers with low down payment. To encourage purchase, the developer is offering rate buy- down's for home buyers. I wonder if other projects will follow suit.
Related posts:
Ruby Condos Update
Ruby Condos
Rollin Hard Hat Tour
South Lake Union Update
