· Similar to FHA approved condos, the entire complex has to be approved by the Department of Veterans Affairs in order for a buyer to purchase a condo unit with a VA Loan. You can find out if a condo is VA-approved here. Where to Start. If you have your eye on buying a condo and are hoping to get a mortgage-even an FHA or VA loan-don’t.
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Also, just because FHA says you can get a condo loan does not mean the lender you have chosen will agree to fund such a loan. Further, to complicate matters the other direction, just because a condo complex is absent from the approved FHA condo list does not mean the lender won’t accept a "spot appraisal" and approve it, because the lender might.
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FHA or VA Approval. If you’re getting an FHA or VA loan, the FHA and VA take much of the guesswork out of whether the condo complex can be approved. They handle it with an approval list. Therefore, if you’re getting a condo financed through either of these administrations, it’s important to make sure your complex is approved.
The Condominium Project Approval and Processing Guide (Guide) is designed to provide the Federal Housing Administration (FHA) baseline condominium project approval and processing requirements. The contents of this Guide are applicable for all condominium project approvals where a single unit will be insured under Section 203(b)
· How to find out if your building is on FHA’s approved list. A condo association also can initiate the process, as can a property management company, if there is one. So can a lawyer, but only one who is well versed in condo law. The builder can start the ball rolling, too, if it is a new project.
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If the condominium is not FHA approved, the condo association may be willing to go through the fha-approval process. gaining FHA approval would benefit condo owners by opening up the pool of potential buyers to a wider market. It would also give owners who want to refinance another loan option.
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If you plan to get an FHA mortgage to buy a condo, find out whether the condo development in which you want to purchase a unit is approved by the FHA, Tomaselli says.