We received a note in our inbox this week that Central Harlem development PS90 just got approval for the FHA program and this coincides with the New York Time's report on how many condo developers are taking this route to attract first time home buyers. FHA loans have really become a boon for younger buyers trying to get into the market, along with helping push condo sales during a time of recession. Back in 2007, only 1 percent of the area's mortgages were FHA but two years later, that number jumps to 18 percent. Another incentive beyond the (sometimes as) low 3.5 percent down payment is the fact that the loan cap was lifted from $362,790 to $729,750 back in 2008. Read more in this week's NY Times: LINK. Check out the interior model apartment of PS90 in our past post: LINK. Photo by Ulysses. www.PS90Condo.com
Wednesday, May 19, 2010
☞ READ: FHA Loans Increase in Popularity
We received a note in our inbox this week that Central Harlem development PS90 just got approval for the FHA program and this coincides with the New York Time's report on how many condo developers are taking this route to attract first time home buyers. FHA loans have really become a boon for younger buyers trying to get into the market, along with helping push condo sales during a time of recession. Back in 2007, only 1 percent of the area's mortgages were FHA but two years later, that number jumps to 18 percent. Another incentive beyond the (sometimes as) low 3.5 percent down payment is the fact that the loan cap was lifted from $362,790 to $729,750 back in 2008. Read more in this week's NY Times: LINK. Check out the interior model apartment of PS90 in our past post: LINK. Photo by Ulysses. www.PS90Condo.com
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