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If the condo you wish to purchase with an FHA loan isn't already on their approved list spot approval may be your solution. Here are the requirments. 1. The condominium project must be complete. There should be no ongoing or anticipated addition of any units, common elements, and/or facilities.2. Control of the common areas of the project must have been turned over to the unit owners association for at least one year. 3. The owners association must provide evidence that the project has the appropriate hazard, liability and flood insurance.4. Individual units in the project must be owned in fee simple or be an eligible leasehold interest. … (7 comments)
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