FHA-approved Condos ... how, why, why not?

Factual Questions
1

I’m on the board of a new condo HOA. One of our homeowners, looking to refinance, has asked if we could apply for FHA approval for the HOA.

I know zip about this subject. What are the pros and cons of FHA approval? What is required for FHA approval? From the FHA’s standpoint, what is the point? What are they looking for?

(We are 100% sold, by the way.)

2

Anyone?

3

I swear I read an article about this recently, maybe in the Washington Post. Let me try to find it for you…

4

This is it: New Condo Loan Rules Put More Scrutiny on Neighbors
About halfway down (or page 2 or the article) is where it talks about FHA approval.