Condo Boards Denying Requests for FHA Approval?

As tough as it is for new buyers to obtain financing today, some condo owners are facing difficulties even applying for FHA loans and FHA-insured reverse mortgages because of association board members denying their requests for FHA approval.

This recently happened in Chicago to an 80-year-old woman who lives in the Gold Coast neighborhood, according to She owns her condo, valued at $800,000, and wanted to adjust her loan. However, the board voted against obtaining FHA approval.