Seventy years later, the same program that helped worried homebuyers back onto their feet after the Great Depression is now driving up already record-high sales at one of Bellevue’s premier luxury condo communities.

At Washington Square Condominiums, buyers have learned from this generation’s own  real estate market crash, and are doing it right this time: beginning this month, Washington Square buyers can secure their new home purchases with Federal Housing Administration (FHA) financing. With as little as 3.5% down, low monthly payments, stable interest rates, more accessible qualifications, and protection against foreclosure, FHA insured loans are making new home purchases safer and more accessible for condo buyers.

“The lower down payment option, compared to conventional mortgage financing, was ideal for a first time home buyer like me,” says Sandra Rivera, who purchased her new Washington Square condo this month with FHA financing- “Especially during these economic times, when we as consumers want to retain as much of our cash as possible.”

At Washington Square, where 26 new homes have sold this fall, the developer expects the FHA financing option to bring even more new buyers who can easily carry the monthly mortgage, but are daunted by the larger down payment required by conventional loans.

“For new home buyers with little cash to put down, less-than-perfect credit, or those worried about the security of their employment, an FHA loan makes buying a new condo financially feasible,” says Mike Nielson, chief operating officer at Washington Square.

And in today’s economy, cash is king.

Rivera, for example, says she refused to pay the higher down payment required with conventional financing. She visited several condo projects and left empty-handed, simply because they didn’t offer FHA financing or any other credible financing program that allows a lower down-payment.

More interested condo buyers can qualify for mortgage loans with FHA.  Not to be confused with the gimmicky loans given out nationally before the 2007 market crash, FHA was created during the post-Depression 1930’s to deliberately protect against loan default- several options of the program allow homeowners to prevent foreclosure if they come upon hard financial times, including a job loss.

Also Fannie Mae approved, Washington Square works with several experienced lenders who can extend financing on favorable terms.

“Our homes and community already appeal to the sophisticated, savvy buyer,” Nielson says, “and we’ve been working to make sure our buying options do too.”

Eric Bennett, who also purchased with FHA financing earlier this month, says the new option sealed the deal for him. “As a professional working on the Eastside, Washington Square is simply the ideal place to live,” he says. “When I discovered that I could own a new condo with as little as 3.5% down, my decision to stop renting and buy now was easy.”

With luxury features in each of its 377 homes, Washington Square’s unique community features both condo suites and multi-level townhomes, with all the benefits of condominium living: high-quality home warranty program, state-of-the-art amenities, services, and more.

Located in the heart of downtown Bellevue, the project is a few blocks away from several up-and-coming corporate headquarters, luxury shopping and fine dining, and top-rated public schools and medical facilities.

With over 200 condo suites and townhomes now sold, the community’s buyers can attest to why they’re opting to purchase a new home at Washington Square.

“I absolutely fell in love with Washington Square when I first toured their homes, so I was even more excited when I learned about the FHA approval,” says Rivera, “I knew Washington Square was worth the wait.”

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