Need More Reasons to Look at Lennar Palencia? 3.75% Fixed Rate and Less Than $200 in Association Fees.
by Donny Mak
on Monday, February 10th, 2014 at 1:00am.
Palencia North is just a short drive away from St. Augustine,
Not only are Lennar mortgages rates in Palencia at rock bottom, HOA fees are lower than you would find in communities with much less to offer.
First, the great rates: Just 3.75% Fixed 30 years for FHA or VA mortgages, and 3.99% fixed for a 30-year conventional loan. All the closing costs associated with the loans include a “buy down” rate from Lennar. This means that Lennar will pay the points. Required to get the rate down from current market rate to the lower 3.75% or 3.99%.
Several casual and fine dining options at Palencia.
Mortgage companies offer borrowers a range of rates and different costs to have those rates. For example, the lender's regular mortgage rate may be 6 percent with zero points. If the borrower wants a mortgage at 5.75 percent, the cost will be one point. If the borrower pays the one point to get the lower rate, that is called buying down the mortgage. It is possible to buy down the current, prevailing mortgage rate by a full percentage point or more if the borrower wants to.
Second great reason, low association fees. Association fees can be the big thorn in the side of the new homebuyer, but the monthly fees being offered by Lennar are easier on the pocketbook that you might think. Here you have a plush gated community with HOA and CDD fees below $200, at $189.85 for the 63’ foot lots, and $199.89 for the 73’ foot lots. And these prices includes cable and high speed internet.
Normally, association fees would be much higher in communities with state of the art fitness center, three pools, tennis courts, restaurants and a world class 18-hole golf course.