Qualifying for an FHA loan is much easier than a conventional loan.
FHA buyers are required to only come up with 3.5% down payment vs 5% for Conventional Loans.
FHA Loans are more lenient with credit scores, enabling more buyers to purchase.
If the project is FHA approved it expands the pool of potential buyers, enabling residents to sell more quickly.
Seniors (65+) are only eligible if their condo is FHA-approved.
Lack of inventory is a huge obstacle for Realtors looking for FHA approved projects.