FHA and VA Approval Sites for Condo Complexes

You may have read my blog about researching the HOA red flags on a condo before listing it for sale:

http://activerain.com/blogsview/1563016/before-you-list-a-condo-for-sale-research-the-hoa-red-flags-

Since condos are more affordably priced than single family residences, many of the condo buyers are FHA and VA buyers.  In fact, I have found a large majority of condo buyers have FHA or VA financing (VA loans are more popular in areas with military bases). 

As the listing agent, you'll want to be prepared with accurate information for your MLS listing and to respond to inquiries from your fellow Realtors.

FHA

Below is the link to verify if the Condo Complex is FHA Approved:

• https://entp.hud.gov/idapp/html/condlook.cfm

You must input the name of the complex, not the street address.

VA

To determine if a condo is VA approved, follow these steps:

• 1.  Go to this web site; http://condopudbuilder.vba.va.gov/2.2/frames.html
• 2.  Click on Condo PUD Reports
• 3.  Line 1 highlight Summary
• 4.  Line 2 highlight both.
• 5.  Line 3 under name insert *
• 6.  Line 4 leave blank
• 7.  Line 5 enter your state
• 8.  Click on Submit

It will bring up all of the VA condos approved in your state.

You should also go to the HUD site and check to see if it is HUD approved because VA will accept a HUD approved condo without regard to owner occupancy.

If a condo complex is not FHA approved, contact your local Wells Fargo Bank lender, as they have a process to get the complex approved and it only takes a few days.  Getting an FHA approval on your condo complex listing is an important first step in getting a HIGHER SALES PRICE.

Hope this helps you to mark your condominium listings as "FHA & VA approved" in your MLS.  It's priceless!

Regina P. Brown