The FHA rules are ever changing and not neccesarily making it easier to buy. Credit scores are always helpful, but when it comes to buying a condo, FHA loans are getting tougher. If the condo fails the test, you still may have options with a local bank. Some local banks will take you on as a portfolio loan and keep it in house. The rates are adjustable but it may be the only way to go and not a bad way. There plans may be a little more flexible and they may allow less than 20% down. Make sure you can get out of the loan early without penalty so when the condo is FHA accredited you may have the option to refinance if you plan on staying in the property.