Given the limited information, I'll try to answer your question. The FHA needs to approve the complex. They have particular guidelines, most important being how many units one party possesses within the complex. In this situation, since the association has not taken over the complex the developer must still have a large number of units available. If several are under agreement you may be able to get an exception. The other factor is rental to owner percentage, needs to be within a certain range. Also the complex approval can take several weeks. You will not receive loan approval until the complex is approved. Good luck.