In the past, a person who wanted to purchase a condo using an FHA loan had to choose a unit that was located within a previously approved condominium project. In other words, the entire building had to receive approval before a person could buy an individual unit with an FHA-insured mortgage loan.
Whether a first time home buyer or repeat buyer, FHA loans provide so many advantages to buy a home. FHA even helps buyers purchasing a condo as a primary residence with the same benefits as a regular home. The only caveat is that the condo must report as approved on the FHA approved condo list.