Read it here first: We've been writing about how you can still get deals to buy New York City residential real estate for 3.5% down (see the March post here and the June 2009 post here). Now Bloomberg News has a story about how, with the magic of backing from the Federal Housing Administration, buyers can now put as little as 3.5% down in a building in Manhattan's Gramercy Park neighborhood "where apartments range from $820,000 to $3 million."
From the Bloomberg article:
"It's not an accident that the FHA is offering this -- not private lenders," said Christopher Mayer, senior vice dean at Columbia Business School's Paul Milstein Center for Real Estate in New York.
Exactly.
