If your Condominium Community is qualified for FHA Financing the following is possible:
An FHA home loan allows for a low down payment. As little as 3.5% down payment. Your down payment may come from a gift from a family member most conventional loans do not allow that.
FHA loans are easier to qualify for, which gives first time home buyers a real opportunity.
FHA loans have lower interest rates.
FHA loans can help you avoid foreclosure. The Making Home Affordable Program helps borrowers who are suffering a financial setback. If you are in default on an existing mortgage, MHA may be able to help you reduce your loan payments and avoid foreclosure.
An FHA loan can help disaster victims. The FHA Mortgage for Disaster Victims Program provides for 100% financing.
The FHA can help you make home repairs and upgrades.
FHA loans have lower closing costs.
This would mean your community could attract first time home buyers and provide owners money to fix up units or dwellings that are considered fixer uppers, improving the values for your whole community. Being FHA Qualified would be a win/win for everyone in the community. It would make it easy for people to buy and sell in your community. Also make it easy for people to improve units in your community increasing the looks and property values for everyone. Better looking communities and units mean higher rents for investors and increased happiness for residents.