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A Guide For First Time Home Buyers.

Interest rates remain at historical lows and banks are looking to close mortgages! 98 Front has taken steps to make the process as smooth and stress-free as possible for first time buyers.

Source: Freddie Mac 2020

Condominiums
are different.

In addition, ownership of a condominium features unique tax advantages, and the appreciation of the investment in New York City real estate has significant rewards. This makes purchasing a home one of the best ways to increase your net worth, which does not happen with a rental.

Find the right
neighborhood to invest in.

This is especially the case in a neighborhood like Dumbo, where retail and new office complexes are flourishing, and the Brooklyn Bridge Park on the Dumbo Waterfront continues to expand. 98 Front draws on the best the neighborhood has to offer.

You aren’t required to be
anxious about the mortgage.

At 98 Front, we partnered up with leading best-in-class lenders to facilitate your purchase and ensure you qualify for a mortgage by one of our preferred lenders.

We understand all this can be overwhelming, but 98 Front is already preapproved by all our preferred lenders and can streamline the process. We are committed to providing you with the guidance and the comfort needed to transact on your first home. We welcome you to contact any of our preferred lenders directly to go over your specific needs.

PREFERRED LENDERS LIST

YOU DON’T NEED A HUGE DOWN PAYMENT.

Qualify with as much as 50% of your gross income for all your monthly payments at 98 Front. Finance as much as 95% of the purchase price of your new home. Mortgage payments on an interest-only loan of $1,000,000, can be as low as $2,600 a month.

Worried about qualifying? Ask us about the various ways to verify your income with bank statements, and profit & loss statements. Gifts and co-signers are welcomed, as well.

Apartment rents are at historical highs, making now the time to purchase your first home.

Statistics show that the New York rental market is so strong that, after a
down payment, the monthly mortgage for a new condominium can be
less than the current monthly rent you would pay as a tenant.

*In Dumbo, specifically, inventory is always limited. Based on last quarter's statistics, average rents in Dumbo are the following:

Studio $3,211
1 BR $4,306
2 BR $6,137
3 BR $12,183
Type
Purchase
Price
Mortgage
Payment **
Common Charges
& RE Taxes
Total Monthly
Payment
Studio
$650,000
$1,300
$817
$2,117
1 Bedroom
$835,000
$1,670
$997
$2,667
2 Bedroom
$1,410,000
$2,820
$4,585
$4,406
3 Bedroom
$1,855,000
$3,710
$3,180
$5,890
**Assumptions: 80% financing, 5 years interest only, 3% rate.

Source: Freddie Mac 2020

We didn’t forget anything, so you don’t have to remember everything.

In addition to our preferred lenders, we have preferred attorneys that have already represented multiple purchasers at 98 Front, and can take the guess work out the process. Please feel free to reach out to any of our buyer’s attorneys here.

You won’t have to wait long.

2020 OCCUPANCY
If you have not visited our onsite sales office and models please click here to virtually tour the building.
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