Check If That Condo Is FHA /VA Approved!
I thought this was very valuable and while I could bookmark it, I know my agents will see it here if it is also on my blog. I am not much of a re-blogger at all but this post could of saved one of my agents several hours.
Sincerely,
Stefan West, Temecula CA Real Estate Broker
With the changing times in our housing market came big changes altogether for FHA and VA loan criteria. The biggest stunner was the condo/townhouse complexes that used to be FHA or VA approved; but alas no more.
Don't wait until after you get into contract to get shocked that the condo/townhouse is no longer approved by FHA or VA. Get your homework done and check before you list that property and check before you write that contract for your buyer.
You can get lists of complexes for FHA approved condo/townhouses/homes/communities for any state at this site: FHA approved homes and communities and this site is for VA approved condos.
The owner occupancy rate of 51 % is the biggest determination for the condo being approved as well as the insurance coverage. Ask your lender if they are able to determine project eligibility, review project documentation and certify if that property is not FHA/VA approved.
Be proactive before you list a property or write a contract.
Find out more from a lender and do your homework.
Celeste "Sally" Cheeseman is a Realtor-Associate® and Certified Residential Specialist (CRS) with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocations, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents, Home Buyers and Sellers.
© 2007-2011 Celeste "Sally" Cheeseman's Hawaii Real Estate and Relocation Blog.
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