FHA/VA Condo Project Approvals

Hi, I’m Lisa Dunn and this is an update on FHA and
VA Condo Project Approval news.

Did you know that if you are working with
condominium buyers that are purchasing using an
FHA or VA loan, that the condo must be approved
by that entity? This approval is needed for all
attached condos and some detached condos. The
VA condo approval is usually a lifetime approval,
however, the FHA condo project approval is only
good for 2 years before it needs to be recertified.
The approvals are not interchangeable as the
approval criteria is different for each.

Interested in finding out more about FHA & VA
Condo Project Approvals? Register for our
November 15th Lunch and Learn to be held at our
OCR Laguna Hills facility. We will cover all things
FHA & VA, including training on the new FHA Pros
tool available through CRMLS. You will find out
how you can better serve your clients and create
more repeat & referral business from your loyal
FHA & VA raving fans. Register today through the
OCR Website.

The National Association of Realtors is hard at
work trying to get longer certification periods,
“spot approvals”, lower owner occupancy ratios
and a stream lined recertification process for FHA
condo project approvals. Recently HUD
announced that the temporary rules that were
enacted last year will remain in place until HUD
finalizes the FHA handbook. We hope that some of
the changes NAR is pushing for will be included.
Stay tuned here for more updates as they develop.
In regards to VA Condo approvals, I was fortunate
to visit with the Veterans Administration as a
member of the NAR Federal Finance & Housing
Committee. We were advised that a big positive
change was coming that should be announced by
the end of the year. Again, stay tuned for news as
soon as it is announced.

Check out our Facebook page FHA / VA Condo Project Approval Advocates to stay up
to date on changes to these important programs
as well as upcoming events.

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