VA Approved Condo List & Approval Process
It's not so common for most of the real estate agents to work with a buyer who is seeking a VA loan for condo.
VA loans have its own pluses and limitations, too.
Here's a very informative post from one of our resident experts on ActiveRain - George Souto
VA Approved Condo List & Approval Process. Monday was Memorial Day, a day set aside to honor our fallen military men and women. As much as we need to honor and remember those who have given their life to preserve the freedoms we all enjoy in this great country, it is equally important to honor those living today who have served and are serving in our military forces.
I have written in the past about one of the ways our Industry can honor our Veterans by assisting them in purchasing a home with a VA Mortgage. Our Veterans can purchase a home with no down payment and no Private Mortgage Insurance (PMI) through a VA Mortgage. However, there is an obstacle when it comes to purchasing a Condominium. Condominiums have to be on the VA Approved Condo List, much like Condos need to be on a FHA Approved Condo List for FHA Mortgages.
Many of the younger Veterans have limited income, as most younger Borrowers do, so they often start off purchasing a condominium as their first property. This means in order for them to be able to use their Veteran's Eligibility Benefit towards the purchase of a condo, the condo needs to be on the VA Approved Condo List.
While Realtors who work with Veteran's on a regular bases are aware of this, most other Realtors as well as even some Loan Originators are not. The VA and FHA Approved Condo Lists use to be very similar, but with the new certification requirements FHA put in place in 2010 for condo complexes to have to re-certify every two year, many condos are no longer on the FHA Approved Condo List. However, VA does not have the same requirement for condos to be re-certified every two years. Once a condo is on the VA Approved Condo List it does not have to be certified again. Presently there are several condos on the VA Approved Condo List that are not on the FHA Approved Condo List. To compare the two lists for your area simply click on the two links below.
- VA Approved Condo List: https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch
- FHA Approved Condo List: https://entp.hud.gov/idapp/html/condlook.cfm
NOTE: When looking up a VA Condo, DO NOT fill in the County)
If the a Condominium Complex is not on the VA List, it can be added by going through a similar certification like FHA. Below are a list of documents required to be submitted to obtain VA Condo Certification.
Many of the younger Veterans have limited income, so let's do everything that we can to make sure our Veterans are able to purchase the condominium of their choice, and achieve the American Dream of Homeownership. One of the ways we can do so is by educating ourselves about programs available to them, and how we can assist them in taking advantage of these programs. Being familiar with the VA Approved Condo List & Approval Process is one way we can help make the American Dream come true for our Veterans.
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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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