Last week I received a call from a Realtor here in Connecticut looking for more information on the VA Condo Approval Process. Unlike the FHA Condo Approval Process which is fairly well known, the VA Condo Approval Process is not well known. Not only is the VA Condo Approval Process not as well know as FHA Condo Approval Process, getting information and assistance for VA Condo Approval is not easy to find. As a result purchasing a condo with a VA Mortgage can be a challenging at times, because several condo complexes are not VA Certified.
A number of our young men and women who have served overseas in recent years are now looking to purchase their first property. Many of these young Veterans are single and are not looking for all the maintenance and up keep required by a home, so a condominium is the ideal purchase for them. This makes it more important than ever before to become familiar with the VA Condo Approval Process so that condo complexes can get VA Approved and available to these young Veterans.
VA like FHA has an Approved Condo List which can be found on the VA Website at https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch (Note: When looking up a Condo, DO NOT fill in the County). The VA Approved Condo List is different than the FHA Approved Condo List, even though they will have many of the same condo's on it.
There is one big difference between the VA and FHA Approved Condos. Unlike FHA VA does not require condo complexes to be re-certification every two years. This is a big advantage to Veterans, because once a condo complex is on the VA Condo List it is there essentially for every.
Because information and assistance on VA Condo Approval is not easy to find, the perception is that the process is more difficult than it really is. If a Condominium Complex is not on the VA List, it can be added by simply applying and submitting the documents and information below.
I personally feel those of us in the Real Estate Industry have an obligation to help our men and women who have bravely served our country obtain the American Dream of homeownership, and utilize the VA benefit avaliable to them to purchase a home or condo. Getting more condo complexes VA Certified is a way we can serve those who have bravely served us by becoming more familiar with the VA Condo Approval Process in order to direct condo complexes to where they can obtain the information needed to become VA Certified.
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Info about the author:
George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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