The big news for condo owners and buyers is that FHA is going to revamp the way they do condo loans and starting Oct 1st, 2009 FHA will not do condo loans. If you are thinking of buying a condo you only have a couple of weeks left to buy, if that. One of the lenders I use told me that the FHA loan doesn't have to close by Sept. 30th but it does have to have an FHA case number assigned by Sept. 30th. Time is running out so don't delay buy that condo today! After that at least in Summit County Ohio, the only way to buy a condo is to use conventional financing and you will need to put down 10%.
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