Breeza in Little Italy is now FHA-approved!
Breeza condos in Little Italy just announced receipt of FHA approval. This means that you can buy a condo there with as little as 3.5% down. As a general guideline, you can ballpark the numbers with a “factor of 7” to cover all closing costs including down payment. That is, given today’s interest rates, you could buy a condo in Breeza with approximately just 7% of the purchase price. So for a $300K one bedroom, you would need $21K to “do the deal”. Not too shabby considering that a good Realtor could likely negotiate a credit from the seller to cover some of that expense and ensure that you don’t pay list price anyway.
There’s also the possibility of getting the $10K California tax credit.
And the best part? If you buy a condo at Breeza that has bay/ocean and sunset views, you will likely always have those views. That’s because the County Board of Supervisors plans to make the surface parking lot to the west of the building part of the County Waterfront Park. That would mean protected views not to mention a new green, grassy park right across the street.