This is a description of the Step by Step Procedure that We Use for Our VA and FHA Condos Approvals
1. The 1st thing for the client to do is to talk to your Property Manager or a Board Member and find out if they are in agreement that VA and/or FHA condos approval is something that the HOA will go along with. If they say OK, then you can proceed to the next step but if the say no then the VA and/or HUD/FHA will not approve the application.
2. If the HOA representative said yes, then the 2nd step is to have them fill out our fairly short Initial Questionnaire. This can be filled out by hand using a PDF form that can be downloaded and then printed. This questionnaire will indicate if your condominium community will qualify for VA or FHA condos approval and, if your HOA will qualify, what documents and information the VA or HUD will require. The PDF can be sent back to us via snail mail or scanned and then attached to an email or FAXed. If our review department determines that your community will qualify for approval, it’s on to the next step. If they say your HOA will not pass the approval process at this time then it is more than likely that they can recommend the steps you need to take to have your HOA become compliant.
3. After we get the Initial Questionnaire back and our Review Department says that your complex will qualify for VA or FHA condos approval, they will make up a contract outlining the responsibilities of both parties and the fees entailed. Remember, you do not pay anything util your community is 100% approved!
4. When we get the signed contract back our review department will produce a detailed checklist that will spell out the documents and information that HUD or the VA will require for your approval. These will include financial documents, HOA documents, insurance documents and questions about how your HOA is run. When we get these back, our review department will go over the package to ensure that your info and documents meet all of the requirement of HUD or the VA. They will also make sure that documents and information are in the proper format. When they tell us that all is good it’s on the next step.
5. We will add, to the package, the documents and information that we produce including a FEMA flood map package, a certification that all of the documents and information are correct and meet FHA requirements and other documents depending on VA and HUD requirements for you particular condominium complex.
6. Once we are satisfied that your package meets the VA or FHA condos approval requirements, we will send the complete package to the appropriate agency. At this time it is taking both HUD and the VA around 4 weeks to issue an approval from the day we send the application in.
7. We will monitor your application through the approval process to make sure that there are no snags. On the rare occasion that the approving agency wants additional info or documents we answer them in a timely manor with the info or documents that will satisfy them.
8. We will inform you when your approval is issued, and then you will be good to go. In the case of FHA condos approval it is good for 3 years and then the approval must be renewed. The VA, on the other hand, does not require a renewal and initial approval is good for as long as your HOA stays compliant with the VA requirements.
If you have any questions, please do hesitate to get a hold of us.