Buy in San Jose High Rises with 20% Downpayment Asst. from BEGIN Program

Posted by Danielle & David Contreras on Monday, September 20th, 2010 at 1:25pm.

If you've been considering purchasing in one of the first San Jose High Rise condos, now may be the time to make the leap. A new housing plan from called Building Equity & Growth in Neighborhoods (BEGIN) has recently approved over $8 million to assist qualified buyers in beautiful downtown San Jose.

First time home buyers that meet the qualifications can receive a Down Payment assistance state loan of up to 20% of the purchase price of their new San Jose high-rise at an unheard of 3% interest without any payments being required for the first 30 years. And, the down payment required to lock in your new home could be just 5% of the sales price with this great program.

The Prop 1C funds, originally approved in 2006, will be funding the BEGIN program making money available to those buyers seeking properties in stunning, amenity-rich downtown high-rises and condominiums in San Jose.

The first high-rise to be participating in the program is The 88. Approval of the state budget will soon allow inclusion of The Axis and The 360. These three posh downtown residences provide tenants with lavish amenities in safe, convenient neighborhoods just a stone's throw from all the best shops, restaurants, and cafes that downtown San Jose has to offer.

This initiative is intended to jump-start resident growth for all of downtown San Jose and increase tax revenues in an area of the city that until recently had less than 1,500 living within its radius. This plan precedes a recent call from banking executives for an increase in the government's role in the mortgage market nationwide.

Multiple suggestions have been made to the Obama administration to make moves involving Fannie Mae and Freddie Mac to prevent potential spikes in interest rates. With such an overwhelming majority calling the administration to take a larger part in the mortgage market, it's likely that plans much like BEGIN may be seen popping up in mortgage markets nationwide.

There are only three other new complexes that are currently available with the BEGIN program but the very first higrise complex participating is The 88 in the heart of downtown San Jose. This stunning 22 story high rise is the tallest building between San Francisco and LA and allows for breathtaking views of the South Bay and the sprawling mountains. In addition, units are outfitted with granite counter tops and stainless steel appliances in two styles of generously sized kitchens. Homes feature twin sinks in the master bath as well as floor to ceiling windows that allow sunlight to pour into each unit. Amenities include a fully outfitted fitness center, daily services like housekeeping and concierge service. An expansive rooftop lounge with barbeques, lap pool and hot tub are accessible directly outside the entertainment center, complete with a gourmet kitchen making it perfect for special events. The 21st floor of The 88 features the Skyline Observation terrace, offering the ultimate view of the South Bay to all tenants. In addition to all the amenities inside the complex, The 88 is also situation atop a Safeway, making grocery shopping and guest parking a breeze.

Some San Jose High Rises are currently accepting offers from those applying for the BEGIN loan with no obligation to buy if they aren't accepted for this incredible program for any reason.

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