Approved VA Condominiums
US Department of Veteran’s Affairs Approved Condos
For approved US Veteran condominiums in Hawaii, here’s some quick links to get you started on your search for an approved VA condo:
If you are looking for VA Condominium Approval, note that it is a completely different process from FHA condo approval. At one time, the VA would approve all FHA approved communities, but that has since been changed.
Basic VA Condo Requirements:
- VA condo approval is separate from FHA
- Attorney Letter can expedite the process (not required)
- As of 2015, the application fee is $850
- VA Approval does not expire once obtained
- HOA Documents will be required (see list below)
Be aware that the process of getting a condominium project VA approved generally takes between 30-90 days. The reason for this processing time is a 2-step application process. Once an application is prepared, it must be sent to the regional office where it is reviewed by a VA employee. After this initial screening, the application will go to their Legal Team, where the governing documents are scrutinized for VA compliance. The it takes to get approved also varies based on the workload at your regional VA loan center.
To expedite the process, a private Attorney may be used to review the documents for VA compliance. An Attorney letter is NOT required by the VA. The cost of an Attorney certification letter typically costs $900-$1500 depending on the firm. This may reduce the processing time but it varies by regional office. Applications with Attorney letters are put to the front of the line in most cases.
Documents needed for VA Condo Approval
Each regional VA office requires different documents, however these are the BASIC documents required for VA Condo approval. You will need to gather the first 7 items on this list directly from the HOA before we can begin the VA condo application process*.
- Declaration of Covenants, Conditions and Restrictions (CC&R’s) aka Declarations, or Master Deed.
- Signed Bylaws for HOA
- Articles of Incorporation for HOA
- Management Agreement (unless self managed)
- HOA Budget
- Current Financial Statements (Income Statement & Balance Sheet)
- Minutes of last 2 HOA Meetings
- Recorded Amendments for annexation
- Plat Map and/or Air Lot Survey
- Condominium Plans
*NOTE: These documents may seem difficult to obtain, however in most states, any resident of the HOA is legally entitled to copies of these documents upon request. The documents may be obtained by written request to the appropriate Management Company or Board of Directors. Fees may apply.
For more information, see Veteran’s Information Portal »