I wrote a little while ago about the advantages of FHA loans for borrowers who have a small down payment. They are also more flexible in qualifying scores, and offer loan amounts that are up to $729,750 in our area. The problem arises when the buyer is interested in a townhome or condo that is located in a complex that has not been previously FHA approved. Today, I met with clients interested in my townhouse listing, and preapproved by a major bank for an FHA loan. Their loan officer claims that she can do a "spot certification" if the CC&Rs do not prohibit FHA financing. I will check into this tomorrow. If FHA loans are allowed, this unit, and others in my complex will be much more salable in this market.
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