Oro Gets FHA Approval
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…
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]
Joe, with your credit in the toilet from walking away from your mortgage, who is gonna finance your neighbor’s digs for you?
If I was $200,000 underwater I would walk away too.
eff disney world though. I would just rent the place out until the bank takes it back and then buy my neighbors house (the fools who kept paying their bloated mortgage) when they are foreclosed on.
LOL! Even better if they set the poo on fire. Seriously though, the banks should, if the law allows them, go in in and snatch these fools up by the back of the neck and shake out every dime they’ve got. How the eff do you walk away from a mortgage, telling the bank you’ve got no dough, and then appear quite proudly in the WSJ telling the literate world that you’ve got Disney tickets, a fat ride and dinner reservations at Spago? WTF?
i know, right snappy? and they make those turds sound so smug too. like ooooh look, i get to keep my beemer! i get to go out to restaurants all the time! i get to go on cruises. i hope all their mortgage paying neighbors bring their dogs to poop on their yard. BWAH!
CG, that’s exactly what that article did to me. Tick me off. and turn my stomach sour. It’s a slap in the face to the underwater homeowners who are struggling to keep their homes and their credit intact to tout those who are simply walking away from the house and buying luxury cars and Disney World season tickets. Gross.
but seriously, if you can afford your mortgage, does it matter if the value of your property goes down? no shme in renting if that means you pay your bills. i feel like people just aren’t satisfied with the lifestyle that they can afford.
i mean $8300/month. grgh, need an edit feature. sigh.
i don’t know why the WSJ prints these articles that seem specifically geared to tick people off. how the heck does someone pulling in gross income of $8300/year have $4800 in monthly housing costs? wtf? if people can’t afford to own a home, then they shouldn’t have one. aaaaagh!
I don’t think I’m against the FHA program. If we do end up having to move, an FHA-sized deposit would be marginally more than a broker’s fee and first, last and deposit. Given that, it’d be sort of tempting.
Actually, it’s very tempting. No insane landlord disputes? The ability to wallpaper at will? Hrm.