Mill Pond At Eatontown Receives FHA Approval

Mill Pond New Homes Now Available With Low Interest Rates

American Properties Realty announces that its luxurious Mill Pond at Eatontown condominium community, in the Monmouth County borough of Eatontown, has received FHA approval, allowing buyers to put as little as 3 percent down on a home with rates as low as 5 percent (see sales associate for details).

"The option to finance a home with an FHA mortgage is an incredible chance for prospective buyers to purchase the home of their dreams," said Paul Csik, senior vice president of sales and marketing for Iselin, N.J.-based American Properties Realty. "Mill Pond at Eatontown has remained among our most popular developments due to its affordability for first-time buyers, desirable locale and top-notch features."

Only 20 of Millpond's 118 homes remain. Each has up to 1,635 square feet of living space, with two bathrooms, two baths and available garages, all at prices starting at $252,990. The masterfully designed interiors feature elegantly appointed foyers and common corridors, insulated steel main entry doors, 9-foot ceilings in the living rooms and abundant closet space. Private balconies or terraces are also included with each residence and remote entry intercom systems allow for secure access to building lobbies.

Now that the community has obtained FHA approval, mortgages can be acquired with a credit rating of just 620, while a conventional mortgage requires a 700 credit rating, Csik said. FHA mortgages thus provide prospective buyers with a unique opportunity to purchase a home that might have otherwise been out of their price range or unavailable due to a less-than-stellar credit rating. Buyers can apply for an FHA mortgage through JPMorgan Chase & Co., American Properties Realty's preferred lender.

Qualified first-time homebuyers are also eligible for federal tax credits of up to $7,500.

"The first phase of Mill Pond at Eatontown is nearly sold out due to it incredible location, high-end features and affordability," said Csik. "Along with the overall construction quality of the development and its close proximity to major shopping areas and highways, we can only expect that the remaining homes of Mill Pond will be just as popular with buyers."

The homes at Mill Pond are designed to be energy efficient, with oversized single-hung vinyl windows, high-quality fiberglass insulation, high-efficiency gas furnaces and central air. Bathrooms feature Kohler fixtures, oak vanities, ceramic Dal tile floors and walls and oversized mirrors. Kitchens offer 9-foot ceilings, 42-inch Kitchencraft cabinetry, whirlpool gas ovens and ranges, multi-cycle dishwashers and microwaves and Kohler kitchens faucets and sinks.

All homes are wired for multiple phone lines, include centrally wired smoke and carbon monoxide detectors and are outfitted with Ademco home security systems. As a grand opening incentive, Mill Pond is offering that a fireplace and a Whirlpool washer, dryer and refrigerator be included with all purchases. Additional details are available through American Property Realty's professional team of sales associates.

American Properties Realty recently opened a new model home at Mill Pond at Eatontown. Nationally known Design Environments Inc. (DEI) of Atlanta was commissioned to create a custom look in the Essex model home. Two existing model homes, the Arlington and the Canterbury are also available.

More than 50 percent of the residents at Mill Pond at Eatontown have moved in, representing 50 percent of the community. A tot lot with rubberized safety flooring and state-of-the-art equipment has been installed and plans are underway for a gazebo and professional landscaping, including well-lit, tree-lined streets that will provide a park-like setting for Mill Pond's residents.

Mill Pond is conveniently located near Routes 18, 35 and 36 and the Garden State Parkway, providing residents with direct access to regional restaurants, retailers and cultural and entertainment venues, as well as to the nearby Jersey shore. The community's grounds are professionally landscaped and maintained, including well-lit, tree-lined streets that provide a park-like setting for Mill Pond's residents.

For more information, call 732-544-5406 or visit www.americanproperties.net.

About American Properties
American Properties Realty Inc. is an award-winning home building organization based in Iselin, N.J., and is committed to earning the trust of each and every family who calls its communities "home." American Properties Realty and its affiliated companies have created over 15,000 homes, from luxury single-family estates to master planned communities of apartments, condominiums and townhomes. These award-winning communities have delivered the dream of affordable and luxury housing to thousands of residents in New Jersey. Its residential communities have an unsurpassed reputation for quality craftsmanship and extraordinary value.