FHA-backed loans available for Hell's Kitchen development

Homebuyers with dreams of moving into one of Manhattan's upscale neighborhoods now have an additional financing option.

Two New York developers announced that The 505, a new luxury condo complex in Hell's Kitchen, has been approved by the Federal Housing Administration's mortgage program. Officials with Parkview Developers and Halstead Property Development Marketing said that the new complex is among a select few developments in the entire city that are backed by FHA loans and have immediate occupancy.

The seven-story, two-building complex at 505 West 47th Street features 108 residences adorned with luxurious amenities - like a state-of-the-art fitness center. Of course, it doesn't come cheap - a studio fetches $425,000, one bedroom homes run $631,000, and two bedrooms start at $955,000.

FHA-backed loans can make a dent in that total because they require little money down, are easier to qualify for, and offer low-cost mortgage insurance, said Ian Resiner of Parkview Developers. "With FHA financing, qualified buyers have the ability to purchase a beautiful home at The 505."

Considering the eye-popping price tag, prospective buyers will need strong credit and significant financial backing to secure a good loan.

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