Thoughts about condos in financial district

Have you met with an FHA-approved lender yet? The kinds of things they will want for both of you are:

o Steady employment history, at least two years with the same employer.
o Consistent or increasing income over the past two years
o Credit report should be in good standing with less than two thirty day late payments in the past two years
o Any bankruptcy on record must be at least two years old with good credit for the two consecutive years.
o Any foreclosure must be at least three years old
o Mortgage payment qualified for must be approximately thirty percent of your total monthly gross income or less.

I am not aware of any geographic restrictions for FHA-insured loans.

Just last month the FHA issued new guidelines for getting an entire condo pre-approved for FHA-insured loans. This came out of legislation passed in 2008, so this is a rapidly developing topic. Here's a little news story about a couple of condos in Brooklyn:

"Getting your new condo building approved by the FHA seems to be about the best way to ensure some traction in the God-forsaken market. (The Times trumpeted the growing popularity of FHA loans a couple of weeks ago.) The success of 15 Judge Street is a sign of just how much juice being able to offer 3.5 percent down deals can add to a marketing effort. If the FHA thing can work for a bland building in East Williamsburg, then we imagine it will be quite a hit for a glassy new building on the Northside of the Burg. That's gotta be the hope at least at 229 North 8th Street, a seven-story, 54-unit project that hit the market a couple of weeks ago. The units range from 670 square-foot one-bedrooms starting at $425,000 to 1,150 square-foot two-bedroom, two-bathroom units, priced at $659,000. Bottom line: You could be owning one of these pads for only $15K down. (06/19/2009 approx date)"

If I can help you, let me know.

{Manhattan real estate agent. 917. 365. 0876}

Yes I spoke with two fha lenders. I would be approved for about $290k right now. If I continue to save aggressively for a few months, maybe a bit more. I want to buy with someone else in order to afford more. So basically Brooklyn might be more feasible for fha? Wouldn't this also be a good way for developers or owners in FiDi to get their units sold as well? I wouldn't be opposed to Williamsburg. Are there any open houses over there today?

Hi Steve - there is one FHA-Approved condo in the Financial District, however there are no units currently on the market there - the address is 330 Pearl Street and it's a tiny building (I think maybe 10 units). There was an FSBO there a few months ago, but I'm not sure if that unit is still on the market.

http://www.downtownyblog.com

"I'm a first time buyer looking to purchase with one other person ..."

If you're not married to this "one other person", I'd seriously rethink buying a home with this person.