Everybody wants in on this FHA thing! And who can blame ‘em: It’s a heck of a lot easier to sell condos when you only need to require buyers to put down 3.5% of the purchase price. Already this week, we’ve had news of The Edge getting approved by the FHA and The Toren getting in its application. Then yesterday the flacks for The Oro sent out a press release heralding the Downtown Brooklyn tower’s admission to the club. With buildings going into foreclosure recently, buyers are reluctant to commit, said Robert Scaglion, Senior Managing Director of Residential Marketing for Rose Associates. The FHA approval is very reassuring to the marketplace. Well, to buyers at least. The rest of us haven’t forgotten the downside to low down payments and easy money.
Oro Now Approved to Throw Money at Buyers [Curbed]
The Toren Holds First Closing, Wants in on FHA Program [Brownstoner]
The Edge Gets FHA Approval [Brownstoner]