Buyers using an FHA mortgage who are shopping for condos (or patio homes, or townhomes) need to be aware there's a list of FHA-approved communities. If the community is not on the FHA-approved list, your FHA mortgage money might not be good there.
Bookmark this website and check for FHA-approved status before you fall in love with something you can't actually buy. And keep an ear to the ground for anticipated changes to the FHA mortgage program. Most watchers expect higher down payment minimums, decreases in allowed seller concesssions, costlier mortgage insurance, and tougher credit score requirements. Our blogging lender friend Justin McHood writes about expected FHA rule changes on his Arizona Mortgage Team blog.
Need help? Want advice? Call or email me anytime. I do lots and lots of condo shopping with my buyer clients, all over the Northeast and Northwest parts of the Valley. From downtown Phoenix & Old Town Scottsdale all the way up to Desert Ridge, Peoria and Cave Creek, if it's a condo, I've probably seen it.