Thursday
November 20, 2014

Only 30% of Condo Buildings are FHA Approved

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Only 30% of Condo Buildings are FHA Approved

The Orange County Association of REALTORS® has launched an educational campaign encouraging condominium homeowner associations to get FHA- and VA-certified in order to attract more qualified buyers to their building.

Nationally, only about 30 percent of condos are approved for FHA financing, and even fewer are VA-approved, said Rita Tayenaka, broker-owner of Coast to Canyon Real Estate in Mission Viejo, Calif.

Tayenaka, who is a member of NAR’s Federal Financing and Housing Policy Committee, presented a video produced by OCAR at the REALTOR® Party Conference & Trade Expo in Washington, D.C., Wednesday. A condo project that receives FHA or VA approval is more likely to attract a larger pool of qualified buyers, she said.

Although the video is branded for California, Tayenaka said it is relevant nationwide. Since 2010, HOAs have been required to prove their viability to receive FHA or VA approval and must renew their certification every two years.

FHA and VA Condominium Project Approval - OCAR from OCAR on Vimeo.

If you have questions, OCAR is willing to help. E-mail questions to FHA.VA.info@ocar.org

—By Erica Christoffer, REALTOR® Magazine

Read more:

FHA Revises Condo Rules