Manhattan Luxury Condos Try FHA Backing In Sales 'Game Changer'


Ryan Serhant, vice president of Nest Seekers International, a... News PhotoApartment,Built Structure,Business,Civilian,Corporate Business,Economy,Finance,Government,Horizontal,House,Mortgage,New York City,Residential Building,Ryan Serhant,Sitting,USA,Vacations,Vice PresidentPhotographer Collection: Bloomberg 2010 BloombergRyan Serhant, vice president of Nest Seekers International, a brokerage for residential and vacation properties, sits for a photo at the 99 John Deco Lofts condo building in New York, U.S., on Friday, July 30, 2010. In March, the Federal Housing Administration (FHA) agreed to insure mortgages made at the 442-unit conversion project, allowing buyers to acquire an apartment with a down payment of as little as 3.5 percent. The development had 10 units go into contract with FHA backing, but the agency suspended its support for the building on August 3. Photographer: Ramin Talaie/Bloomberg via Getty Images