Hello, I checked under the HUD website for FHA approved condos and the one I am looking for is not on the list. When I spoke to the listing agent which has it as an FHA property, he said we can do a "spot loan". I have been researching this loan and it seems to match the same criteria as an FHA loan, what is the difference? I have a buyer interested in this particular complex and I want to have the correct info.
Thanks.

An FHA spot is possible as long as you do not exceed the acceptable number for the non-FHA approved complex which is contingent on the # of units but - call the HOA/Property Management and check on the owner occupancy percentage and reserves before you travel down this road - check with your lender when you have those figures "first." You need to protect your buyers Earnest Money Deposit.

FHA did away with Spot Approval last month. Find another avenue.

Thanks, I needed the info.