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New York

Toren approved for FHA financing


The Toren condominium and a rendering of its just-completed pool

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Downtown Brooklyn’s long-awaited Toren condominium at 150 Myrtle Avenue has won its bids for both Federal Housing Administration and Fannie Mae financing, Brownstoner reported, making the building’s 50 percent unsold units much more accessible to new homebuyers with less-than-stellar credit scores and limited supplies of cash. The FHA program allows such buyers to finance up to $729,750 for their homes with down payments of only 3.5 percent. In other news at BFC Partners’ 38-story building, Toren’s indoor pool has been completed, just in time for buyers who’ve already closed to start moving in. [Brownstoner]

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Fannie MaeFederal Housing Administration