Most often, HOAs fall short on reserves. FHA requires 10% of the annual revenue to be allocated towards a separate reserve account.
HUD publishes FHA approved condos by zip code. Contact me and I will give you the link.
I fell sorry for you situation, your realtor must let you know in advance. Be patient. You can not get approval faster. You have two choices:
- wait for the approval
- walk away from the deal (in this case no refund will be issued)
With all that said, it just seems impossible to go right up to the day before closing to find out that you can't close, because the complex is not FHA approved. Either the mortgage broker or processor for the lender was brand new or is just totally incompetent. Good luck on trying to get the complex approved, because many complexes do not even want the approval, and they refuse to fill out the paperwork.
HUD lists condo buildings that are approved on their website and your agent should have been aware of that. You may want to contact HUD directly and ask them if there is anything that can be done.