New rules for condo buyers with FHA, VA loans

Did you know a homeowners association could have an impact on whether you can buy a condominium with a government-backed loan?

As of 2009, both the Federal Housing Administration and Department of Veterans Affairs require a condominium’s homeowners association to be approved before a buyer can get a loan for a home in that complex.

“A lot of condo boards still don’t realize this has happened,” said Andrew Fortin, senior vice president of external affairs at Associa, a community management association. “It’s not a hard process, but it’s a very technically challenging one. The burden is on the association.”