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Harlem condos get FHA okay

Halstead Property Development Marketing announced that the new condominium development Hamilton Lofts in Harlem has been approved by the Federal Housing Administration's mortgage program, allowing qualified buyers to purchase a new home with a down payment of as little as 5%.

Hamilton Lofts is one of just a few FHA approved developments in New York City, and qualified buyers will have the opportunity to secure an FHA backed mortgage loan.

Benefits of FHA-baked loans include: a low down payment, easier qualifying, down payment that can be gifted to the borrower, lower closing costs and interest rates than with a conventional mortgage, and protection against foreclosure.

Bank of America, Wells Fargo and Powerhouse Solutions, Inc. are handling the FHA loan requests on behalf of Hamilton Lofts.

Romy Goldman, principal and founder of Gold Development, the lead developer for Hamilton Lofts, said, "Since the banks have tightened credit so much in the last year, even qualified buyers find it much more difficult to obtain a mortgage. Having FHA loan approval has already created more interest in Hamilton Lofts, and two buyers have already signed on using this program."

A 15-year 421 (a) tax abatement is also available at Hamilton Lofts.

Post Date: 8/5/2009

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