What is the 1st thing I have to do to start the VA or FHA approval process?
The first step is to talk to the property manager or a member of the HOA board and make sure that they are willing to go along with their HOA becoming VA or FHA approved. If they are not willing for their HOA to become certified then neither agency will approve your complex. To see the complete VA and FHA approval process just Click Here.
How long have you been in the VA and FHA condos approval business?
We started in early 2010
How long does it take for the VA or HUD to issue an approval?
The average for both agencies is right around 4 weeks from the time we send them the approval package.
What are your fees for VA and/or FHA condos approval?
Our fee for a complete approval is $1,195.00 and a renewal is $995.00 with NO money due until your complex is 100% approved. No approval nothing owed! To see our complete fee schedule please Click Here.
Do you charge any upfront money?
No - you only pay us our fee when your complex is 100% VA or FHA approved.
How long is the VA and FHA condos approval good for?
The FHA approval is good for 3 years and then the HOA will have to renew if they want to keep their FHA condos approval in place. VA approval is good for as long as your HOA stays VA compliant with no renewal required.
What documents and information is the HOA required to submit in the approval package?
Each HOA is a little bit different regarding their submission requirements but basically we need to send both the VA and HUD copies of the condominium's legal documents, their financial documents, their proof of all insurance and a completed questionnaire regarding how their HOA is run.
Is there a way to see if our HOA will qualify for HUD or VA Approval without going through the whole application process?
Yes there is! You can fill out our initial questionnaire and our review department can tell if your HOA will qualify for both approvals. FYI - they are correct about 98% of the time. To get a copy of the no obligation questionnaire please Click Here.
If the VA or HUD rejects our application am I dead in the water?
Not at all. In the rare case that they reject the initial application they will state a reason for the rejection. In almost every case we can fix what they don't like and resubmit leading to an approval.
I got a spot approval for a condo I owned years ago. Can I still get one?
No - HUD and the VA stopped allowing them in 2010.
Can I get a reverse mortgage without our community being HUD/FHA approved?
No you can't. I know of no lenders that will offer a reverse mortgage without the HOA or a single unit being FHA approved.
I have heard that FHA Financing was only for 1st time buyers. Is this true?
No it is not. In most cases the FHA will require that you only have 1 FHA mortgage in effect at any time but there are even some exceptions to this rule.
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