Hi, I am thinking of buying a condo with an FHA loan. The condo was recently flooded alot but will be fixed up almost brand new before I buy it. Could FHA have a problem with this?

The condo association must currently be FHA approved. Check this site to determine if it is: https://entp.hud.gov/idapp/html/condlook.cfm If it's not FHA approved, you cannot obtain an FHA loan for this condo.

The condo project needs to be approved by FHA and if in a flood zone, it would require flood insurance. I would suggest you do some research and check your appetite for risk on this one. The is a lot of talk on Capitol Hill about FEMA and flood insurance. Meaning it is possible that flood insurance rates could increase. Good luck with this.