I wanted to repost an article on the availability of FHA loans in New York City. FHA loans don't have much foothold in the Big Apple. This was because the loan limits were far below the costs of an NYC apartment until 2007. Also, FHA loans can't be used for co-ops, which makes nearly 85% of housing options in NYC ineligible. Finally, condo developments MUST go through a certification process. Apple Unpeeled compiled a comprehensive list of of current qualified condo projects in Manhattan, as well as a primer of the latest FHA news.
Begin reposted article synopsis:
One year ago, almost to the day, we did some digging into the FHA market to compile a list of FHA approved condos. FHA loans continue to attract first time home buyers due to:
As compared to this time last year, city wide, Manhattan has 58 condos (versus 32 in 2010), Brooklyn has 179 (versus 105), the Bronx has 21 (versus 16), Staten Island has 14 (versus 11), Long Island City has 12 (versus 8 ) and Queens has 3 (versus 2).
Based on reader requests that we refresh the list for 2011, you will find below the list of Manhattan FHA approved condos, with their percentage concentration to the right (nowadays, once a building hits 30% FHA loans, no mas):
To read full article, go to:
M. Woods & Associates