Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Everything You Need to Know About Condos and FHA Loans
Getting condos approved in 2010 is not an easy task. So, I finally created a checklist of the most important items that can kill condo financing on existing condos with FHA. Now, please know that condo-tels or condos with short-term rentals are not allowed either and condos in a mixed use building are a different breed as well. This checklist applies to existing condos (not new) in your "standard" condo community.
•·         We can still use FHA's approved condo list for the remainder of 2010 before it goes away.
•·         FHA will allow up to 100% of all units in a complex to have FHA loans. However, in 2011 this will decrease to 30% and this is when problems will begin.
•·         At least 50% of the units must be owner occupied. REO properties may be excluded from this calculation.
•·         No one entity owns more than 10% of the units.
•·         No more than 15% of unit owners can be more than 30 days delinquent on their dues. This could cause problems in many complexes as many banks don't pay their dues until closing.
•·         The project's budget provides for the funding of replacement reserves for capital expenditures and deferred maintenance ... more

__________________________________________________
Are you on The Rain? Grow Your Network!