How do I find out if a condo is VA approved?
How do I find out if a condo is VA approved?
In order to determine if a condo is VA approved or not requires a visit to the VA’s website. From there, if you know the name of the condo association, you are in luck. Just enter the name and you’ll have your answer within seconds.
What does it mean for a condo to be VA approved?
A VA approved condominium or townhouse has already undergone a review by the Veteran’s Administration and has been approved for sale. Veterans affairs does not usually look at individual units for VA condo approval, they are much more interested in the property as a whole.
Can you get a VA loan in Hawaii?
As of January 1, 2020, VA borrowers in Hawaii with their full VA loan entitlement are not restricted by VA loan limits. This means you can borrow as much as a lender is willing to lend without needing a down payment. However, veterans without their full VA loan entitlement are still bound to Hawaii’s VA loan limits.
Does VA accept HUD approved condos?
Action. Effective December 7, 2009, VA will no longer accept HUD/FHA condominium project appraisals in lieu of VA project review. Condominiums previously accepted by VA, based upon HUD/FHA acceptance, will continue to be acceptable to VA.
How long does VA condo approval take?
The process of getting VA Condo Approval generally takes 30 days or less. The reason for this lengthy processing time is their 2-step application process. First, we send the application to the regional office and a Staff Appraiser will review it.
Why would a condo not be VA approved?
The VA could deny a condo development for a variety of reasons including: The development has too many tenant-occupied compared to owner-occupied units. Too many condo owners are behind on their HOA fees. One person (or a single financial entity) owns too many units within the development.
What is the maximum VA loan amount in Hawaii?
$822,375
Starting January 1st 2021, that limit for all islands in the State of Hawaii will be $822,375 — a 12% increase over last year.
How much can you get for a VA loan in Hawaii?
The maximum guaranty depends on the area. For example, the maximum guaranteed loan amount for eligible borrowers in Honolulu and Maui counties is $721,050 and $679,650, respectively, with no down payment. Higher guaranteed loan amounts may be available if the borrower contributes a cash down payment.
How long does it take the VA to approve a condo?
Does a VA Condo approval expire?
In the past, VA and FHA had a reciprocal agreement, which meant all FHA Approved communities became VA Approved. This is no longer the case, and the VA independently reviews each condominium for Approval. VA Approval does NOT expire. It is a lifetime approval.
Can a condo be VA approved but not FHA approved?
FHA Approval is NOT required if the townhouse is in a PUD (Planned Unit Development). Does a PUD (Planned Unit Development) need FHA or VA Approval? No, Only Condominiums need FHA and VA approval. In general, if your Declarations or CC&R’s use the word “Condominium” you will need FHA approval.
