The Palladian Real Estate Agent • Rockville
The Palladian condos Realtor
The Palladian (Palladin) is a beautiful building built in 2008 and sits at a premier location, right on the main street (Maryland Avenue) of downtown Rockville Town Square. Walk right out the the shops and restaurants… In the winter there is an outdoor ice skating rink, and Summer the restaurants have outdoor seating and live music. Great energy and a great place to take a Date!
The Palladian is made up of only 1-bedroom and 2-bedroom units.
As of May, 2019 the building did not meet Fannie Mae guidelines. This affects Conventional Financing. Buyers wanting to pursue a less-than 20% down payment to purchase a condo here, are unable to do so. There is a large percentage of units owned by 1 entity (the Developer), and it exceeds what FNMA is willing to accept. As of May 2019 this entity owned 67 units. This can change over time, and if the Developer sells more units and lowers his ownership percentage, maybe down the road a conventional loan will be possible. The FNMA guideline allows no more than 15%, but they can also make an exception if it’s close and it can be shown that the Developer has been lowering his stake over the most recent 12 months, by selling some of his units.
In the meantime, this results in Buyers needing to pay all CASH, or, there is a “non-warrantable” loan available for such condo buildings. This loan will require a minimum of 20% down payment, the interest rate is higher, and it’s usually offered through an Adjustable Rate Loan. Before you submit an Offer, contact us to confirm where the Building currently stands with Fannie Mae guidelines.
38 Maryland Avenue
– Community web site
– On site Manager, 301-294-7477
Move in can be scheduled Mon-Fri 8am-4pm at no additional charge to reserve the Loading Dock. There is a one-time $200 move-in/move-out fee. Saturday is possible for a fee of $75/hour with a 2 hour minimum. Staff must be onsite while move is in progress. Zalco Realty is the property management co. 301-495-6600
[sc name=”rockville-20850″ ]
BJ Matson, Realtor®