For anyone purchasing a condo with FHA or VA financing, the first step is to look and see if that condo building is on the FHA or VA approved list. This is very simple process and anyone can do it. First, you will need the name of the condo project or just the address if that’s all that is available.
For the FHA lookup, first visit https://entp.hud.gov/idapp/html/condlook.cfm
- Find the appropriate state
- Type the appropriate zip code
- Click send FHA
The results will pop up and you can search through looking for the name of the condo in alphabetical order or look by the address. If it is not there, it’s likely not approved OR you may need to investigate further to clarify the actual condo name.
If the condo is listed, you have to scroll to the far right of the screen to make sure it says “APPROVED”.
Searching for VA approved condos is very similar. Again, it helps to know the address and name of the condo project.
First visit the look up website at https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch
- Find appropriate state
- Type first 3 letters of the condo name and with an asterisk. Example: CAN*
- Click submit
Once you find the condo in the results and click on it, you will want to see that it says “Accepted Without Conditions”.
If you can only qualify for an FHA or VA loan, you can use either of these websites to identify condos that are approved in your preferred area and then you can search out available listings in those approved condos.
Typically, new construction and condo conversions will not be on the approved list. In these cases, if the condo project wanted to become FHA or VA approved, they could submit their documentation directly to us and our condo department could assist with helping prepare the paperwork necessary to submit to FHA or VA for condo approval. The approval process can take up to 30 days.
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Call us at (240) 670-5090 or email us at CJMT@mainstreethl.com
