Should my condo association get FHA approved?

The short answer is YES!  I am president of Stagecoach Condominium Association.  One of the units is currently being purchased using and FHA Loan.  As part of the qualification process the Association must fill out a questionnaire so that FHA understands the risk of buying into this association.  Since condos are more dependent on their association than homes are on a home owners association I definitely understand the requirement. 

When I decided that this was a worthy topic for a blog post I did some research on what others thought about this requirement.  Here is one such question and answer that I though got straight to the point:

http://www.trulia.com/voices/Market_Conditions/Should_we_make_our_condo_FHA_approved_-39183-p_1-recent?answerId=487164&thisanswer=1#left_content

The first answer sums up why as an association you would want as much FHA financing as possible.  As you read down the list of answers you can see that there is a lot of misunderstandings about the FHA requirement and the question posed in the first place. 

To sum it up.  Getting your condo project FHA approved does not cost a dime and may be one of the mist beneficial things your association can do for its owners.