With the FHA spot approval that went away earlier this year for condos, FHA buyers have had a lot less choices. There are now 95% LTV conventional loans which can avoid this problem. Credit scores need to be 720 or higher, but with lower closing costs(no FHA funding fee) and only a slightly larger down payment(5% vs. 3.5%) it could certainly open up a lot of possibilities.
If you are in the market for a condo, first find out if the community is FHA approved by going to https://entp.hud.gov/idapp/html/condlook.cfm or consult with your Realtor or loan officer. If it is not approved, consider a low down payment conventional loan. It may be possible to do an HRAP or DELRAP approval but the financials of the HOA need to be sound, and the number of owner occupied units should be greater than 50%, among other criteria.
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