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VA Loans Questions needing answers

By
Real Estate Agent with Keller Williams Realty

This is a blog with a purpose.  We are all hearing loans are changing requirements and an agent  friend just told me her most recent contract which had a bottom lined was a mess.  

Questions herein are about VA loans.  Someone please clear up the fog! 

The buyer spent the money for both inspection ($800 in our area) and appraisal and after all these expenses found out the VA loan could not be used with site condo development.  Does this mean all buyers with VA loans must buy older homes?  Could that be?

Can someone please answer is this true?  Is this always true or depends on your state?  Whatever education you can provide would be greatly appreciated.

Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

Karen, I believe VA (as well as FHA) have guidelines in place when the development is newer.  I don't have the figures in front of me, but it's something like 75% of the development must be completed, and the HOA must be established.

Did you get on the phone with the lender and ask what the exact requirement is?  They can fax or email you the details. 

Sep 21, 2007 10:26 PM
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Keller Williams Realty - Ann Arbor, MI
Ann Arbor Area Real Estate

Thanks Kris.  I knew there were guidelines about FHA and I believe they are ever changing especially right now.  I"m hoping a mortgage person will clear this up.  No it wasn't my client or lender but I might have one coming and that's why I asked in advance.

 

Thanks for your input.

Sep 21, 2007 11:05 PM