I attended the grand opening of the Hamilton Lofts development in Harlem last week. The developer and sponsor of this brand new condominium project, Romy Goldman, has done an exceptional job: the finishes, the thoughtfulness and attention to every detail are very impressive. More impressive still is Romy’s understanding of the nuances of financing for her potential buyers, especially with regards to FHA Insured Financing. She had the condominium approved by HUD to allow her potential Buyers to purchase using the FHA program. On the entire island of Manhattan there were only 7 other approved condominiums for FHA financing. Romy was definitely ahead of the curve: her project is the eighth approved condo in Manhattan.
The New York Times presented a brief piece about FHA this past Sunday; they interviewed Romy Goldman and included her thoughts on FHA in the article.
My favorite quote from the article, “According to Meg Burns, the F.H.A.’s director of single-family program development, these loans actually perform very well. “That’s kind of a shock to most people because we serve borrowers with riskier profiles,” she said. “But we have pretty stringent underwriting standards. You have to have sufficient verifiable income and employment to make your mortgage payments.” YAY FHA!!!
Here’s the article: FHA Loans Help Sales