Condo Project Approval — Document Requirements

Completed by the HOA or management company.

Lender certification completed in Condo Project Manager.

Most recent board-approved operating budget (10% to reserves; 15% for applications on or after January 4, 2027).

Most recent balance sheet and income statement.

Reserve study completed within the last 3 years may support reserves in lieu of the flat percentage; the budget must fund the study's highest recommended reserve allocation.

HOA dues aging showing no more than 15% of units 60+ days delinquent on dues or special assessments.

Details on current or planned special assessments and any significant deferred maintenance or structural repair directives.

Master/blanket policy covering at least 100% of the estimated replacement cost of the project improvements - verified by guaranteed replacement cost coverage, extended replacement cost coverage, or a replacement cost estimate (RCE) from the insurer. Coverage must be on a replacement cost basis except roofs; per-unit deductible max $50,000.

Commercial general liability policy for the project.

Required for projects with more than 20 units (HOA and management company).

Master flood policy when any part of the project improvements are in an SFHA.

At least 50% of the total units in the project or subject legal phase conveyed or under contract to principal-residence/second-home purchasers - new and newly converted projects only.

Written explanation and pleadings when the HOA is party to litigation, to evaluate against ineligible-project criteria.

Any inspection of the project completed within the last 3 years by a licensed architect, engineer, or jurisdictional building inspector (aside from a reserve study) - including structural and balcony/elevated-element safety inspections. Obtain the full report and evidence of completed repairs when one was conducted.

Recorded CC&Rs/declaration, signed bylaws, and articles of incorporation - required on all projects.

Condition report for newly converted projects (non-gut rehab conversions within the past 3 years).

Evidence the subject legal phase and common elements are substantially complete.

FHA Condominium Loan Level/Single-Unit Approval Questionnaire, completed with data no more than 90 days old; Section 4 applies to Single-Unit Approval. Filed in the case binder.

Certificate or policy for master/blanket hazard coverage with replacement cost support.

Certificate or policy for the project's liability coverage.

Required for projects with 20 or more units (HOA and/or management company).

FEMA map with project location marked; flood policy when in an SFHA.

Current budget and financial information supporting the 9991 financial-condition answers (reserves, arrears).

Unit-level coverage when the master policy does not cover unit interiors.

Any documentation needed to support 9991 answers - owner concentration, FHA concentration, commercial space, litigation explanations.

Recorded CC&Rs/declaration, signed bylaws, and articles of incorporation are reviewed on Single Unit Approvals as well.

Any inspection of the project completed within the last 3 years by a licensed architect, engineer, or jurisdictional building inspector (aside from a reserve study) - including structural and balcony/elevated-element safety inspections. Obtain the full report and evidence of completed repairs when one was conducted.

FHA Condominium Project Approval Questionnaire, fully completed, signed, and dated, with submission cover letter.

With all amendments, plus other recorded legal and governing documents required by state and local law.

Association bylaws as adopted.

Articles of incorporation/association, declaration of trust, or equivalent per state law.

Recorded plat/site plans for the project.

CO (or temporary CO) for each unit in the legal phase being approved.

Plus YTD income/expense statement (within 90 days if prior-year actuals are older than 90 days).

Prior two years' actual year-end results.

Dated within 90 days of submission.

Support for any HOA loans or special assessments; financial-distress resolution evidence with LOE if applicable.

Acceptable reserve study as applicable.

Certificate or complete policy, with replacement cost value evidence where applicable.

Certificate or complete policy.

For the association and/or management company.

FEMA map with project marked; LOMA/LOMR/Elevation Certificate and flood policy as applicable (existing construction).

Budget and financials, recorded site plans, CC&Rs, and exception documentation for commercial space.

Lease, recreational leases, easements, or facility-use contracts.

Current management contract; plus builder/developer contracts entered before transfer of control.

Signed explanation of reason, risk, settlement, and solvency impact; complaint and expert/engineering reports with repair cost status.

HUD-92541 signed/dated with mitigation documentation, CO or equivalent, photographs of each building, proposed budget if no units closed, and HUD-9991 if any unit has closed.

Gut rehab: engineering/architectural inspection within 12 months evidencing completed work + CO. Non-gut rehab: reserve study + evidence repairs are complete.

Compliance verification, annual budget/financials or MOU, and evidence each unit is separately owned with a separate legal description.

Any inspection of the project completed within the last 3 years by a licensed architect, engineer, or jurisdictional building inspector (aside from a reserve study) - including structural and balcony/elevated-element safety inspections. Obtain the full report and evidence of completed repairs when one was conducted.

Every condominium must be VA-approved before guaranty - including detached condos. HUD-approved/accepted condo status is no longer accepted in place of VA approval.

Required for new projects and existing resales.

Required for new projects and existing resales.

If applicable.

Declaration, bylaws, and articles for master/umbrella projects, if applicable.

Required for new and existing projects.

If applicable.

Required for new projects; existing resales only if declarant controls.

Required for new projects; existing resales only if declarant controls.

Required for new projects; existing resales only if declarant controls.

If applicable.

If applicable.

If applicable.

If applicable.

If applicable.

Form of or actual contracts, if applicable.

Required for new and existing projects.

If applicable.

Required for new and existing projects.

Required for new and existing projects.

Conversions only, when declarant controls.

Submit as available, before any unit is eligible for guaranty.

Expandable projects only. Submit as available.

Submit as available.

Conversions only, when declarant controls. Submit as available.

New projects; existing resales if applicable. Submit as available.

Low/high rises and conversions only; new projects. Submit as available.

New and existing projects. Submit as available.

Any inspection of the project completed within the last 3 years by a licensed architect, engineer, or jurisdictional building inspector (aside from a reserve study) - including structural and balcony/elevated-element safety inspections. Obtain the full report and evidence of completed repairs when one was conducted.