How long does VA condo approval take?

PincessOf3

I recently just bought a Townhouse. They have a condo association. The paper work that I have received from them show that they have over 45k in the reserve and that only 3 people owe HOA arrears. I was wondering if anyone knew about the process of approving the condo association, and how long does it take. As of now its only been about a week or two. My closing date (tenative) is Oct, 26th. 

julieanne912

This is probably a question you should be asking your lender, as it can vary depending on area, and also how responsive the management company is to the requests needed by the lender for the approval.  I've seen it be as quick as a month, I've also seen it take 6+ months.  

PincessOf3

Thank you so much! I did ask my Lender, and they are working on it. Basically they do not know. 

jtmh2012

Sadly, a lot of the home buying process is hurry up and wait. 

PincessOf3

Yes it is! I am too much of an impatitent person for this home buying process lol. 

PincessOf3

My condo association has been VA approved! Now we are just waiting on the VA appraisal. Anyone happen to know how long that takes? lol! This VA appraisal is the last step. 19 day's till closing!

julieanne912

PincessOf3 said:

My condo association has been VA approved! Now we are just waiting on the VA appraisal. Anyone happen to know how long that takes? lol! This VA appraisal is the last step. 19 day's till closing!

That also depends on your area, and how many VA appraisers there are.  Around here the turnaround is 1-2 weeks because our market in Denver is going crazy and there aren't enough appraisers in general (let alone VA ones) to keep up.  

PincessOf3

I figured that would be the answer. I am not sure what the turnaround time is in my area. I do know that I am in a high veteran area. 

PincessOf3

I got the approval yesterday! The day of my closing. It took a week. BUT that also means that I have to push back my closing date. I do not have a new date. I just have to wait for my loan to go through the underwriting process. It is the end of the month, so they are very busy. I am not sure when my date will be. 

short+sassy

Congrats!  GL w/ closing.

julieanne912

Yay!  I was wondering how it went.  And, these days, closing delays often happen just because everyone is so busy.  

jeanhoward97

From my experience the process of getting a condominium complex, VA approved generally takes between 60-90 days