Va Loan Condo Approval Process
For newly constructed condos or.
Va loan condo approval process. At least 50 of the units must be occupied by the owners. Expedited processing of condo approval is available through va home loan centers for a fee of 995 00. The lender will need to make a written request for approval and include a copy of the condo s organizational documents.
Less than 15 of the unit owners are behind on their hoa dues. All required documentation of the condominium project must be received prior to your local regional loan center sending the package to va s regional counsel. The process of getting va condo approval generally takes between 30 40 days.
Here are some general guidelines for va condo approval. To receive approval you must submit the following paperwork. This fee may be subject to increase if additional investigations research or paperwork is needed.
The entire process is usually completed within 30 to 45 days but in some cases this time is much longer at about 90 days. Va approval requires a package of the hoa legal and financial documentation to be reviewed by our regional counsel see pages 16 a 9 16 a 11 in the lender s handbook. The va condo page gives users criteria to narrow their search.
In other words less than 50 of the units are rented out. According to va circular 26 16 35 in an effort to reduce the time and costs involved with approving condominium projects for the va home loan program va is transitioning the submission of condominium approval documents from a largely manual paper process to an electronic process once the upload with all the required documents is complete the regional loan center rlc of jurisdiction will notify va s legal counsel to begin its review. Va condo approval process 1.
The reason for this lengthy processing time is their 2 step application process. To be approved by the va a condominium project must meet these requirements. Borrowers can ask their lender to seek approval from the va for the condo development they want.
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