Yes, you might be able to get FHA "spot approval" for the condo building. There is a very limited number of condo buildings in San Francisco that qualify as pre-approved for FHA financing. I have a list of the 16 San Francisco condominium projects (some old, some new construction) that are already FHA approved.
However, FHA loans are excellent options right now. I recently helped clients buy a wonderful home through FHA with 3% down payment! They got a 30-year fixed interest rate loan of 5%!!
Make sure you are working with an FHA experienced mortgage broker/banker AND real estate professional as your buyer's agent.
FHA loans are great but are more complex and you need a solid team helping you out. Contact me or another Trulia Pro to see how we can help.
Best of luck,
Danielle Lazier, San Francisco Realtor
Zephyr Real Estate