Arrowhead Reserve's inventory, mortgage options attract buyers
IMMOKALEE — While national economists predict that buying a home will get a lot more difficult in 2019, Arrowhead Reserve is bucking the trend with mortgage options and inventory. Arrowhead Reserve is a community of single-family homes off Lake Trafford Road in Immokalee.
“The chief economist of Realtor.com, Danielle Hale, points out that rising interest rates combined with higher prices will make it more difficult to buy a home in the coming year,” said Gary Hains, vice president of FL Star Development, developer of Arrowhead Reserve. “In her prediction, she notes that this will especially apply to buyers for entry level homes. At Arrowhead Reserve, we are working to defeat that prediction in several ways.”
Hains notes that prices at Arrowhead Reserve are still among the lowest in the county for new construction, with new homes beginning at $175,900.
“In addition to our pricing, we are also working to make sure entry-level buyers know about the variety of mortgage options available through our lenders,” Hains said. “Our sales team has a mortgage officer available to help buyers sort through their options and assist them to select the program that best fills their needs.”
There are a number of special programs available, including loans and grants that provide down-payment assistance, Hains notes, and mortgage guidelines have eased so that buyers may be able to qualify for loans that require less than a 20 percent down payment.
Buyers may be able to qualify for an FHA mortgage with a credit score of only 590, a lower credit score than commonly available for most loans.
Qualifying veterans of the US Armed Services may also opt for a VA mortgage that requires no down payment and no penalty points on the mortgage.
“In addition, FL Star recently was awarded a grant from the State Housing Initiatives Partnership which offers down payment and closing cost assistance to first-time home buyers with low incomes,” Hains said. “The program is designed to promote affordable housing in Collier County.”
Using the funds from this program, FL Star is able to provide qualified buyers with a $50,000 grant at no interest toward the purchase of their new home at Arrowhead Reserve. Under the program, the $50,000 is credited to the buyer, and the remaining mortgage reflects the reduction in the loan amount to be paid by the buyer.
“All of the information about the mortgage options and the variety of home designs available at Arrowhead Reserve are available from our sales representative, Elvira Nodel at David C. Brown Realty Inc. in Immokalee,” Hains said.
Home designs at Arrowhead Reserve range from 1,297 air-conditioned square feet and a total of 1,711 square feet to 1,765 air-conditioned square feet and a total of 2,505 square feet. Both three-bedroom and four-bedroom designs are available. Built by FL Star Construction, home prices begin at $175,900.
In addition to the community clubhouse and pool exclusive for residents of Arrowhead Reserve, there are numerous other recreational opportunities for residents in the area. Nearby is the 1,500-acre Lake Trafford and Lake Trafford Elementary School.
FL Star Construction LLC is an affiliate of FL Star, a conglomerate of real estate entities lead by Gary Hains and David E. Torres. Other current projects include Milano Lakes, a new 296-unit luxury apartment community, and Sapphire Cove, a new residential community, both being developed off Collier Boulevard in South Naples.
FL Star also provides management services for commercial and industrial buildings for real estate owners and condominium associations including maintenance, collection of rents and financial reporting.