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Miami, FL – Working families and individuals in Miami, Florida can now access a new source of capital for home financing: mFm Construction’s “Owner Occupancy” program. In partnership with participating financial institutions, mFm will offer eligible applicants up to 100% home financing through 30-year fixed-rate mortgages. The program, designed specifically for residents with annual household incomes above $43,000, is expected to open the door to middle-market homeownership opportunities in Miami’s urban core, including mFm’s new Ipanema condominium.
By giving members of South Florida’s workforce a good-sense option for financing the purchase of a new home, mFm’s “Owner Occupancy” program will provide much needed relief to working residents who find themselves priced out of the region’s real estate market. Between 2000 and 2005, median housing prices in Florida increased by 82%, while incomes rose only 9%, according to the Urban Land Institute, an independent, non-profit real estate research organization.
“For years, there has been a void of middle-market housing opportunities in South Florida, despite rising home costs,” said Jose Malabet, a principal with mFm Construction. “Now, mFm and participating financial institutions are helping to fill that void with moderately-priced housing and accessible, risk-adverse financing. We’ve always considered homeownership a building block of the American community, and we’re excited to be involved with an initiative as valuable and as relevant as mFm’s new ‘Owner Occupancy’ program.”
As many real estate developers struggle to sell newly-constructed, higher-priced condominium units in the midst of widespread market volatility, mFm’s sales numbers have remained strong. Malabet credits this success to mFm Construction’s fundamentally sound “build for demand” approach. “While many developers were subscribing to an ‘if you build it, they will come’ mentality that catered to speculators, we paced ourselves and targeted the local workforce,” said Malabet. “Rather than building freely in hopes that supply would artificially create demand, we planned and built new properties to meet the ever-changing demands of the South Florida market, and that meant building attainable housing for the end-user.”
This approach, coupled with mFm’s strategy of seeking affordable real estate located in high-density zones skirting Miami’s central business district, has resulted in lower costs for the company and, in turn, consumers. With the introduction of mFm’s “Owner Occupancy” program, middle-income families and individuals can apply for up to 100% financing (no down payment required) at competitive fixed interest rates as low as 6.75%, while 20% of the loan will not require any payments for the first five years. Under this formula, monthly mortgage payments for a $250,000 condominium would be $1,297 for the first five years, and $1,419 for the remainder of the 30 year loan’s term.
“When we started mFm nearly a decade ago, we set out to build moderately-priced, centrally-located homes that offered working residents easy access to commercial centers and, in turn, jobs,” said Malabet. “With one- and two-bedroom units priced from $250,000 and located less than a mile from Downtown Miami and the city’s healthcare district, the Ipanema condominium is a text-book example of how we’re transforming our vision into a reality. Pair these benefits with the stability of a 30-year fixed-rate mortgage, and the no down payment option, and you end up with a recipe for success that will make a direct, lasting impact on South Florida’s workforce.”
The “Owner Occupancy” program is currently available to prospective residents of Ipanema and will also be open to new residents of mFm’s Porte Alegre and Toscana condominiums, both of which are in close proximity to Ipanema in the heart of East Little Havana. Each of the condominiums feature one- and two-bedroom attainable luxury residences in an urban, pedestrian-friendly environment conveniently located just steps away from Miami’s largest employment centers. Scheduled for completion in January 2008, the 63-unit Ipanema will be the newest in a series of centrally-located, middle-market properties developed and constructed by mFm Construction. Since 1999, the company has built 10 mid-rise condominiums, all in close proximity to Downtown Miami. Ipanema is located at 804 Southwest 1st Street in Miami’s Little Havana neighborhood.
For more information, visit www.mfmcorp.com
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