In order to determine if a condo is VA approved or not requires a visit to the VA’s website. From there, if you know the name of the condo association, you are in luck. Just enter the name and you’ll have your answer within seconds.

What does it mean for a condo to be VA approved?

A VA approved condominium or townhouse has already undergone a review by the Veteran’s Administration and has been approved for sale. Veterans affairs does not usually look at individual units for VA condo approval, they are much more interested in the property as a whole.

Does VA condo approval expire?

In the past, VA and FHA had a reciprocal agreement, which meant all FHA Approved communities became VA Approved. This is no longer the case, and the VA independently reviews each condominium for Approval. VA Approval does NOT expire. It is a lifetime approval.

Why would a condo not be VA approved?

The VA could deny a condo development for a variety of reasons including: The development has too many tenant-occupied compared to owner-occupied units. Too many condo owners are behind on their HOA fees. One person (or a single financial entity) owns too many units within the development.

Can a condo be VA approved but not FHA?

No, Only Condominiums need FHA and VA approval. In general, if your Declarations or CC&R’s use the word “Condominium” you will need FHA approval.

How do you get a condo association VA approved?

Borrowers can ask their lender to seek approval from the VA for the condo development they want. The lender will need to make a written request for approval and include a copy of the condo’s organizational documents. These can include: Declaration of covenants, conditions and restrictions.

Are PUD VA approved?

PUD Approval Effective immediately, VA is no longer reviewing and approving Planned Unit Developments (PUD’s).

What happens when FHA approval expires?

Further participation in the program after the three-year period has expired will require recertification to determine whether the project is still in compliance with HUD’s project eligibility requirements and that no conditions exist which would present an unacceptable risk to FHA.

Do puds need FHA approval?

FHA does not require approval of a Planned Unit Development (PUD) as a precondition for placing FHA mortgage insurance on a dwelling located in the development. An Appraiser must contact the Mortgagee if the Property is located in a PUD that does not meet this definition.

What is VA funding fee?

The VA funding fee is a one-time fee paid to the Department of Veterans Affairs that supports the VA home loan program. Veterans who put down less than 5% on their home purchase will pay 2.3% of the total loan amount when buying a home for the first time and 3.6% on subsequent loans.