FHA/VA Condo Approval

There are many FHA and VA buyers who are qualified to purchase a condominium, but does your condominium project qualify for them?


FHA and VA approval can provide your condominium project with:

  • Increased home values
  • Higher owner-occupancy rates
  • Improved resale values
  • More refinancing options
  • Fewer vacancies


Obtaining FHA Approval

Becoming an FHA approved project will place your condo in front of many qualified buyers, including first time home buyers.

Lower down payments, easier credit qualifications, and streamlined refinancing options all make FHA loans extremely attractive.

Requirements for becoming FHA approved include:

  • Minimum owner- occupancy requirement
  • Minimal amount of units behind on HOA dues
  • Minimum insurance coverage
  • No pending litigation
  • Stable financial plan
  • CC&Rs must comply with FHA guidelines


Obtaining VA Approval

Condos have many amenities that veterans find attractive. Once your project receives VA approval, it will maintain that approval status indefinitely.

Like FHA loans, VA loans are insured at the federal level and are a great way for veterans to find  a home after their term of service has ended.

Requirements for becoming VA approved include:

  • Minimum occupancy requirements
  • Minimum insurance coverage
  • Previous HOA meeting minutes
  • CC&Rs must comply with VA guidelines
  • Attorney certification letter* 

*not required, but will expedite the process significantly

The Truth About FHA/VA Loans

Being FHA/VA certified will bring in “low-income” buyers – FALSE

  • Condo approval is completely unrelated to affordable housing programs.  FHA loans for single family homes can reach upwards of $350,000 (in Oregon). 

These types of loans cause the mortgage crisis – FALSE

  • These are not sub-prime loans.  Although they offer lower down payments, there are credit score requirements, debt to income analysis and other safeguards. 

The guidelines for approval status are too strict – FALSE

  • In most cases, well managed and financially stable condo projects are able to obtain approved status with minimal hassle. The cost to obtain this has dropped and has now become a financially smart and sound decision. 

Getting the Process Started

First, check to see if your condo association already has FHA or VA approved status.

VA Approved Condo Search ( link https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch )

FHA Approved Condo Search (linke https://entp.hud.gov/idapp/html/condlook.cfm )
If it doesn’t, we suggest using of the third-party facilitators listed below.

FHA Review – http://fhareview.com/

Vial Fotheringham LLP – http://www.vf-law.com

FHA Pros – http://www.fhaprosllc.net/

FHA Condos Approval Company – http://fhacondosapproval.com/