The Mortgage Sensei

The Mortgage Sensei
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The Mortgage Sensei
Virginia mortgage tools

Virginia Condo Approval Check

Lenders review the building as well as you. Enter what you know about the condo project to see how it is likely to look to a conventional lender.

About the building

Ask the HOA or listing agent

Anything that applies

Official lookups

Approval lists for government loans are public. Fannie Mae and Freddie Mac project data is lender-only, so Duane checks it for you.

FHA approved condo search (HUD)VA condo report
Needs review

Likely view of this building

    Have Duane check my building

    Common conventional guidelines, shown as an estimate. Lenders and investors set their own rules and can change them. This is not an approval.

    Why the building matters

    With a condo loan, the lender is also betting on the HOA. A weak building can turn down a strong buyer.

    • Owner-occupancy. Lenders like buildings where most owners live there. Too many rentals raises risk.
    • Concentration. One investor owning many units can sink the budget if they stop paying dues.
    • Dues and reserves. Late dues and thin reserves are early signs of trouble, and often lead to special assessments.
    • Insurance, litigation and repairs. Gaps in the master policy, active lawsuits or open safety repairs can make a project ineligible.
    • Warrantable. A building that meets the investor's rules is called warrantable. One that does not is non-warrantable, and needs a different loan.

    Condo FAQ

    What documents will the lender ask for?

    Usually the HOA budget, a condo questionnaire completed by the management company, the master insurance certificate, and sometimes a reserve study. Your agent or the HOA can request them.

    Is a building not on a list a red flag?

    Not necessarily. Many buildings have never been reviewed. The lender simply reviews it when you apply.

    Do the rules differ for FHA and VA?

    Yes. FHA and VA keep their own approval records and rules. Use the official lookups above, then ask your loan officer to confirm current standing.

    What if my building fails?

    You may still have options, such as a non-warrantable loan, a different loan program or a different building. A loan officer can compare them.

    How accurate is this check?

    It uses commonly cited conventional guidelines to flag likely problems. Only the lender's review of the real documents decides.

    Duane Buziak, NMLS #1110647. Licensed in VA, TN and GA. Brokered through Coast2Coast Mortgage, NMLS #376205. This tool gives a general estimate based on common guidelines. It is not a project approval, loan offer or commitment. Program rules change. Equal Housing Opportunity.