The Federal Housing Authority's home loan program has been a rare bit of good news for prospective homeowners over the rocky past couple of years, and has doubtless helped put many New Yorkers into NYC condos. With the FHA, like everyone and everything else in real estate, currently feeling a pinch, the federal agency recently revised its standards upwards somewhat. The adjustments aren't too onerous, though, and it's likely that the FHA's loans will continue to make buying a condominium or apartment in Manhattan (or anywhere else) that much easier than it otherwise would be. At the blog Bigger Pockets, Winston Westbrook runs down the FHA's tightened standards. In short, they look like this:

• Min Fico credit score to be 580. (Up from 500)
• Down payment to remain 3.5% for those with a score of 580 or more. 10% down payment required for those with less than a 580 Fico credit score. (Formerly 3.5% across the board)
• Upfront Mortgage Insurance Premium to be 2.25% of the loan amount. The option of financing this amount into your loan will still be available. (Up from 1.75%)
• Sellers will be limited to a maximum of 3% of the sales price when helping you out with closing costs and fees. (Down from a ceiling of 6% of sales price)
• Currently the FHA is asking congress to allow them to raise the annual insurance premium up from the current .55% of the loan amount. The FHA believes that by doing this it will allow them to lower the Upfront Mortgage Insurance Premium in the future.

So, what will this mean for you if you're buying a condo in Manhattan? That depends, obviously. But everyone sort of knew this was coming, especially with FHA insurance reserves dwindling, and its likely effect on the market for NYC condos and apartments will likely not be devastating. At any rate, it's another reminder of why it's good to work with a trusted real estate agent who understands the ins-and-outs of Manhattan real estate -- expert advice doesn't have as easily figured a dollar value as a home loan, but it's just about as valuable.