Why does it have to be FHA approved?
Because FHA provides a government guarantee to banks who write loans to their guidelines, the banks are willing to offer loans to people who might not otherwise qualify for a conventional loan. … If you are selling a condo, your condominium complex must be FHA-approved before a buyer can obtain a home loan.
The first step in the FHA condo approval process is to determine the basic eligibility of the condo based on the prevailing FHA condo approval guidelines. A significant amount of knowledge and information is necessary to assess a condo’s eligibility against FHA’s requirements.
The community and the area in which the condo is situated also needs to be thoroughly analyzed prior to proceeding with the approval process. If the condo development has a large number of units, it might be advisable to seek the help of consultants who specialize in getting FHA approval for condos.
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