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Under FHA approved loans, you can put as little as 3% down toward a home. Significantly less than the 5-10% typically needed for a conventional loan. In addition, the amount that you can negotiate a seller to put toward your closing costs is significantly higher. 
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6 Comments on FHA Preapproval and Non FHA Approved Condo Complexes
FHA is definitely a big factor for many buyers right now - I have worked with a lot of FHA people lately! good post!
Yes, I agree. Good post. The mass media keeps talking about how people need to put 20% down and have 800+ credit scores and this just isn't true. I have seen a huge shift to FHA financing in recent months and it's a great option for many people, particularly first-time buyers who can't afford a huge down payment. And, you don't need perfect credit.
I have also had success with FHA spot approvals recently. In general, all the "spot approval info" can be provided by the HOA or management company, but I have also had success obtaining missing info from the Title Company when the HOA does not keep track of specific information.
I think all agents with condo listings should try to make sure FHA financing is possible- either by confirming it's already FHA approved, or by going through the steps up-front to obtain spot approval.
Hey Michelle. Thanks for the comment.
Alan,
Check out this web site:
https://entp.hud.gov/idapp/html/condlook.cfm?in_fha=Yes
Also, I chould mention that the down payment required for this kind of loan has gone up to 3.5% since I first created this post.
Keep in mind that if you are looking at condos, it is possible to get what is known as a spot approval for a specific project if a prohct is not pre approved for FHA financing.
Hope the info helps.
Rob
Alan,
I've created a new site that lists the information from the HUD in an easy to browse format: <a href="http://www.forfha.com/washington">http://www.forfha.com/washington</a>
http://www.forfha.com/washington