The only good news for FHA buyers of condos is that some projects are approved....in other words, the entire building. Your lender can check with FHA and find out.
We hope that FHA comes to their senses and re-institutes spot approvals. This locks many buyers out of the market when we do not have them.
FHA will no longer do spot approvals, but that doesn't mean you can't get that condo. You must get the whole complex approved, which I can Possibly do for you. I must warn you, that process can take 30 - 60 days. How badly do you want this particular condo. You can contact me anytime for more information.
I would need to find out more information about the complex.
Take care and best of luck.
Are you working with a real estate agent? He/She may have a contact with a local bank. Let me know if you'd like my help. I grew up in Canton, so I still know a few people in the area. You can either call me at (617) 308-683 or email me at email@example.com
There are some things you can do to start off with to see if it is even possible to get FHA approval. 1) check how many units are owner occupied. If the owner occupancy rate is under 70%, it probably will not get FHA approval. Some banks are different, so you should check with the lender on the exact occupancy rate needed. 2) if there are a lot of rentals, check if 1 investor owns a significant portion of these. This could cause problems also. 3) check the condo fee delinquency rate. If this is high (over 15% or so), then that will also have problems with FHA.
If it passes all of this, then the big question (and the hardest to answer) is the percentage of loans FHA approved. FHA won't finance in a complex where there are already a lot of FHA loans. I believe this has to be done through some type of title search so it isn't cheap.
Hope this helps. Good luck!