The VA will nolonger add condo approvals to their approved list based upon an FHA project approval.  The VA must fully review the entire project to issue an approval. The process to add the condo project to the approved list typically takes 45 days and requires cooperation of the management company/Board of the HOA.

FHA spot condo approvals are still available for case numbers assigned before January 31, 2010.  Approvals for any condos issued more than 2 years ago are no expired.  Starting February 1, 2010, full reviews and approvals are valid for two years.

To issue approval for a condo project, the FHA is looking for the following criteria to be met:

• 50% owner occupancy within the complex
• Enough reserves to fund 10% of the current budget
• No more than 15% of the units are more than 30 days delinquent in paying their fees
• No current/pending litigation

This entry was posted on Tuesday, January 19th, 2010 at 8:57 pm and is filed under Mortgages. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.