Urban Residences BLŪ at 631 Folsom are now FHA/VA approved – 3.5% down

Fri, Aug 21, 2009

BLU, Condominiums, featured

There’s no shortage of inventory right now in the SOMA, Rincon Hill, and South Beach developing neighborhoods of the city. What there has been a shortage of is opportunities to obtain financing. This past week we found that Blu, a new high-rise development located at 631 Folsom, is now condo FHA/VA approved.

What this means is the buyer can use a smaller down payment at 3.5% and generally close and move through the transaction a lot quicker. There are also requirements that need to be in place in order for a condo building to be endorsed for FHA/VA approval. These same requirements such as owner occupancy rate, reserves, and percentage of pre-solds ensure a purchaser a viably stable investment for the long term.

Some interior highlights include:

  • Floor to ceiling windows
  • Viking and Bosch appliances
  • European kitchen cabinetry
  • Marble bath floors and vanities

The Building features:

  • 24 hr. door attendant
  • Concierge services
  • Private rear garden with fountain, and a BBQ and catering set-up facility

BLU is located in the vibrant SOMA neighborhood, so close to everything you need for shopping, dining, work, and nightlife.

Six different 2 bedroom plans on floors 2-19 starting in the high $600s

*Pre-approval is required with their preferred lenders

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