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Why is the FHA backing mortgages for $800K + Condos in New York?

The FHA, created in 1934 to make homeownership attainable for low- to moderate-income Americans, is providing a lifeline to new Manhattan luxury condominiums after sales stalled. Buildings featuring pet spas, concierges and rooftop lounges are applying for agency backing to unlock bank financing for purchasers. The FHA guarantees that if a homebuyer defaults on his mortgage, the agency will pay it.

How is this low income housing and why is the government backing it?

http://www.bloomberg.com/news/2010-08-13/manhattan-luxury-condos-embrace-federal-help-in-game-changer-for-sales.html

Because the FHA is paying off some political debt

This entry was posted on Saturday, October 16th, 2010 at 7:20 pm and is filed under new condos for sale. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

10 Responses to “Why is the FHA backing mortgages for $800K + Condos in New York?”

  1. Rod Blagojevich on October 17th, 2010 at 12:58 am

    Because $800,000 for a Manhattan condo IS low-income housing.
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  2. Have you ever priced real estate in Manhattan? 800,000 there IS low income.

    *edit* Rod, you beat me to it, by like six seconds! LOL
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  3. FHA is not limited to low income loans.
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  4. The Federal Housing Administration agreed in March to insure mortgages for apartments at the 98-unit Gramercy Park development, known as Tempo. That enables buyers to make a down payment of as little as 3.5 percent in a building where apartments range from $820,000 to $3 million.
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  5. He saw Manhattan condo and FHA and got all excited.
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  6. volleyballchick (cowards block) on October 17th, 2010 at 3:27 am

    You have obviously not seen the housing costs in Manhattan, have you??

    What do I mean? Well, my parents in North Central Wisconsin purchased a home twice the size of the home my Aunt and Uncle purchased in a Chicago Suburb for about half the cost.

    What is the biggest lesson in real estate??? Location, location, location.
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  7. For being pro Business I have noticed that Cons /Republicans are the worst business people in the world .
    What do you think that only wealthy people should buy homes .
    News FLASH there are not that many wealthy people .
    If Not for FHA the housing industry would collapse
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  8. Bash Limpbutt's Oozing Cyst© on October 17th, 2010 at 4:41 am

    Because there’s nothing "luxury" about an $800k condo in Manhattan! You obviously have no clue as to property values in ultra-high-cost areas like Manhattan. Luxury kicks in well on the sunny side of $5,000,000 in The Big Apple.
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  9. They can’t let Fannie Mae and Freddie Mac have all the fun, can they?

    Ever since Madoff got a free pass from the Clinton administration, our financial sector has been like the Wild West. Sooner or later we’ll have to send in Wyatt Earp and Doc Holliday to restore law and order.
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  10. Paul Grass®™℠ on October 17th, 2010 at 5:29 am

    Because the FHA is paying off some political debt
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    May God Bless you and keep us all safe from the progressive axis of evil,0bama,Pelosi&Reid

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