If you're a Buyer today, you've probably heard of an FHA loan.

Administrated by the Dept of Housing and Urban Development, the Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934. (www.fha.gov)

In order to get an FHA loan, the property must be approved. If your shopping for condos or TH's, you will need to ensure the complex has been "FHA-approved". The approval process involves examines the complex's governing documents and other related documentation to ensure it meets HUD guidelines. In the past, units in complexes that were NOT approved were able to receive "spot approval". That option has faded as the popularity of FHA loans, which loan Buyers up to 3.5%, has soared.

So how do you go about finding an FHA-approved condo?

Visit https://entp.hud.gov/idapp/html/condlook.cfm

Looking at Largo, FL, as an example, you will find the following complexes approved for FHA loans:

1. Via Verde
2. Brittany's Place
3. Lafayette Square
4. Autumn Chase
5. Shadow Lakes
6. Whispering Palms

It's a very small list but very valuable - units in these complexes can get quick 96.5% financing.

In the coming months, FHA loans will be overhauled to lower their overall risk. For Buyers with credit scores "on the bubble" or who barely meet qualifying guidelines should move quickly to utilize an FHA loan before more rigorous standards are adopted.