Articles on Fannie Mae

Battery Low: Is Fannie Mae Slowing Apartment Sales in Battery Park City?

Battery Park City CondominiumsBattery Park City is home to some of the most impressive new condominiums in Manhattan. You probably already know this. The condominiums for sale in Battery Park City are also some of the greenest condos for sale in Manhattan. You may already know that, too. But something you might not know -- and which the New Construction Manhattan blog didn't know, either -- is that the condominiums for sale in Battery Park City are also kinda-sorta rentals. It's complicated, but condo buyers in Battery Park City are paying not just for those LEED-certified condos, but for the land on which those condos sit. No, not in a location-location-location sense. More in a "ground lease" sense. Again, it's complicated. But with ground leases set to spike in 2011, it has suddenly become difficult to buy a condominium in Battery Park City.

Things That Make Sense: Fewer Interest-Only Mortgages Out There. (Thank Goodness)

Interest Only Mortgages Of all the ridiculous ideas that precipitated what people are apparently calling The Great Recession, junk mortgages -- "subprime" is somehow too kind a word, here -- have to rank among the worst. Real estate in general, and New York apartments and condominiums in particular, have long ranked among the smartest and safest investments out there, but the rise and sad popularity of junk mortgages such as "interest-only" mortgages during the real estate boom did much to unmake that. Sure, the right NYC condo is still a terrific investment, but the market in general was damaged seriously by all the homes and apartments (generally not in New York City, of course) that were sold to people via frankly crappy means such as interest-only mortgages.

Mighty Healthy: Understanding FHA and Fannie Mae Condo-Financing Guidelines

keyThe current real estate market is all the more frustrating for how tantalizing it is -- the market for new condominiums and apartments in Manhattan (and elsewhere) is full of great deals, but the still-struggling credit market has made it harder than ever to get financing for condominium purchases. New guidelines issued by the Federal Housing Administration and Fannie Mae clear things up somewhat, though, and are good news for home buyers in New York -- very friendly financing and government-backed loans are available for those buying condos in FHA-approved developments. The question, then, is this: what makes a Fannie Mae/FHA-approved condo project an FHA-approved condo project?