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Can You Buy A Condo With An Fha Loan Home Buying: Can I buy a condo with a FHA? Also. – Trulia – All this means is that you would have to search for an FHA approved condo. There are plenty of these around. Regarding your IRA, generally these funds can be used for a 1st time home purchase, but I think you should check with whoever is holding the IRA and make sure of this for yourself.What Is The Down Side Of A Reverse Mortgage?