This information comes right from the FHA web site;
"FHA Condominium Loans are specifically geared toward those who purchase housing units in a condominium building. Condominium ownership, in which separate owners of individual units jointly own the development's common areas and facilities, is for some a very popular alternative to home ownership. Insurance for this type of housing is provided through FHA Section 234(c). This FHA insurance is very important for low and moderate-income renters who wish to avoid the risk of being displaced when their apartments are converted into condominiums."
We as Realtors partner with many different types of Loan officers that specialize in all types of mortgages to suit every individual buyer.
There are programs to fit most every need and circumstance.
I would be happy to put you together with a number of very qualified loan specialists.
ERA Key Realty Services, Milford, MA