Want To Sell Your Condo But Your Association Isn't FHA Approved?

Have you recently read about FHA providing a lifeline to new Manhattan luxury condominiums after sales stalled? The Federal Housing Administration agreed in March to insure mortgages for apartments at the 98-unit Gramercy Park development and several other developments. This enables buyers to make a down payment of as little as 3.5 percent in a building where apartments are listed at $820,000 to $3 million.

Buildings featuring pet spas, concierges and rooftop lounges are applying for agency backing to unlock bank financing for purchasers. Developments where sales began more than two years ago had 10 units go into contract with FHA backing since approval in March.

It’s no secret. If a buyer has to put down 5-10-20% on a condo there are going to be less buyers than just putting 3.5% down to purchase a home.

Not sure if your building will qualify for FHA and you want to make your building more MARKETABLE? Smart Property is partnered up with a lender that has an internal department that takes care of all the paperwork to see if the development is eligible for FHA approval. Sohail and his lender are experts in FHA Condos and want to help you take advantage of this service to make your unit more marketable.