#va #loan #approval
VA Approval Dept. of Veterans Affairs Condo Approval for 2017
If you are looking for VA Condo Approval, we can assist you. VA condo approval is a completely different process from FHA condo approval. At one time, the VA would approve all FHA approved communities, but that has since been changed.
- VA condo approval is separate from FHA
- It usually takes 30-45 days (up to 90 days)
- The cost is $850
- VA Approval does not expire once obtained
- HOA Documents will be required (see list below)
Be aware that the process of getting a condominium project VA approved generally takes between 30-45 days, but can take up to 90 days. The reason for this lengthy processing time is their 2 step application process. Once we prepare an application for you, it will be sent to the regional office where it is reviewed by a VA staff appraiser. After this initial screening, the application will go to their Legal Team, where the governing documents are scrutinized for VA compliance. The time takes to get VA approved also varies based on the workload at your regional VA loan center.
Documents needed for VA Condo Approval
Each regional VA office requires different documents, however these are the BASIC documents required for VA Condo approval. You will need to gather the first 7 items on this list directly from the HOA before we can begin the VA condo application process*.
- Declaration of Covenants, Conditions and Restrictions (CC R’s) aka Declarations, or Master Deed.
- Signed Bylaws for HOA
- Articles of Incorporation for HOA
- Management Agreement (unless self managed)
- HOA Budget
- Current Financial Statements (Income Statement Balance Sheet)
- Minutes of last 2 HOA Meetings
- Recorded Amendments for annexation (we can help obtain this)
- Plat Map and/or Air Lot Survey (we can help obtain this)
- Condominium Plans (we can help obtain this)
*NOTE: These documents may seem difficult to obtain, however in most states, any resident of the HOA is legally entitled to copies of these documents upon request. The documents may be obtained by written request to the appropriate Management Company or Board of Directors. Fees may apply.
The Cost: $850
The cost for us to apply for VA Condo Approval on your behalf is $850.00. We will evaluate your community based on the documents provided, and let you know if we see any issues that may preclude the condominium project from getting approved. We have been very successful with our applications, and rejections are rare.
If you have any further questions about VA Condo Approval feel free to contact us. or click below to get started: