FHA(Federal Housing Administration) loans to purchase condominiums are no longer available to buyers unless the entire development has been approved FHA and in today’s market FHA loans are the most desirable and usually the easiest to obtain. In the past FHA would allow a “spot approval” for obtaining a loan on an individual unit even though the entire complex was not approved FHA.
I recommend that owners of condos through their homeowners associations take the necessary steps to obtain FHA approval. This approval should greatly enhance the marketability of the units and therefore their value. Visit the Federal Housing Administration website to find out the steps to obtain the approval.
