Financing to Assist Homebuyers with Up-Front Costs

PLAINFIELD, N.J., July 1, 2009 – The Monarch at Plainfield, a new upscale condominium community in downtown Plainfield, N.J., has been approved by the Federal Housing Administration (FHA) to assist individuals with mortgage financing. The FHA certification enables those seeking to buy a newly constructed two-bedroom, two-bathroom unit at The Monarch, which opens this summer, to qualify for down payment assistance.

“This FHA designation makes homeownership at The Monarch a reality for those who can afford the monthly mortgage payment but may not have enough money saved for the down payment,” explained Debbie Bertino, vice president of sales and marketing for P&F Management Company, LLC, the developer.

The program, which is administered by approved FHA lenders, offers a fixed-rate 30-year mortgage for condominiums. Instead of the traditional 20 to 30 percent down payment, FHA condominium mortgages enable prospective buyers to pay as little as 3.5 percent of the total cost of the residence at the time of closing.

“These financing options are virtually unheard of in this economy,” added Bertino. “The Monarch offers all of the benefits of owning a brand-new home, and an urban ‘chic’ lifestyle, at working-class prices.”

Condominiums at The Monarch range from 1,120 to 1,289 square feet. Pricing starts in the low $200,000s. Each luxurious unit features high-end finishes, gourmet kitchens, views of the surrounding streetscape and a private courtyard garden terrace, all near shopping, dining, parks and transportation centers. The all-new construction is designed to meet strict Energy Star requirements.

The community is especially appealing to commuters due to its proximity to two rail stations on New Jersey Transit’s Raritan Valley Line as well as several local bus routes. The Monarch‚Äôs spacious layouts and affordability also have attracted great interest among those seeking to relocate from Manhattan.

In addition to FHA assistance, first-time homebuyers can take advantage of the federal government’s housing allowance that is part of the stimulus plan. New homeowners may qualify for a tax credit of up to $8,000 for a home purchased by December 1, 2009. Free, no-obligation consultations with a Wells Fargo Home Mortgage representative are available to assist prospective buyers.

The Monarch, conveniently located at 400 E. Front St. in Plainfield, is part of the city’s revitalization. The mixed-use complex also features a ground-floor senior citizens complex and veterans center.

P&F Management, through its affiliates Maplewood Homebuilders and Dornoch Holdings, is a leading owner and builder committed to urban redevelopment in cities throughout New Jersey. Additional projects include The Vistas at Great Falls in Paterson, Rahway Transit Village and the environmental remediation of a site targeted for residential development in Hackensack, N.J. Since 2007, the company has acquired more than 1,500 residential units, many of which have been completed and sold despite difficult economic conditions.

For more information about The Monarch (www.monarchliving.net), call the Information and Marketing Center at (908) 755-0055.