The Edge Gets FHA Approval
At the end of last week, The Edge, the 922-unit development on the Williamsburg waterfront (above), announced via email that it had been approved to participate in the FHA program. (The news first appeared in The Real Deal before Thanksgiving.) Translation: Buyers of units inexpensive enough to qualify for conforming loans (up to $729,750) can…
At the end of last week, The Edge, the 922-unit development on the Williamsburg waterfront (above), announced via email that it had been approved to participate in the FHA program. (The news first appeared in The Real Deal before Thanksgiving.) Translation: Buyers of units inexpensive enough to qualify for conforming loans (up to $729,750) can get low mortgage rates with low down payments (only 3.5%). Earlier this year, when things were really bad, this was the only way any condos were selling; it’ll be interesting to see what kind of boost The Edge gets from it now.
Why is the (bankrupt) government subsidizing overleveraged purchases of LUXURY WATERFRONT CONDOS?
This is the very definition of economic insanity! What’s next, government subsidies for the purchases of new BMW’s and Mercedes?
quote:
rob, what is your problem with lending?
cuz no one will lend to ME! 🙂
*rob*
rob, what is your problem with lending? Is it morally wrong or something? Leverage is what makes the real estate world go round.
Try this for fun. Go to google and look up:
FHA time bomb
Go in and pretend to be a homeless prostitute.
well DH better get greasing then
quote:
a chunk of this place is reserved for low-income residents
translation: kinda-sorta-maybe low income residents with connections and tons of greased pockets. i know people get on my case when i say stuff like this, but you see countless times over and over again that this is truly the case.
*rob*
DH – a chunk of this place is reserved for low-income residents – its worth a shot.
errrr – prices are still too high.
maybe if they throw in a free vespa