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Three Tips For Faster VA Condo Approvals
I've probably funded 40 VA home loans in 2009, many of them for unapproved condominium complexes.  In Southern California, it's quite common along the coastal communities for buyers to look at condos, townhomes, or PUDs as lower-cost alternatives to single-family homes.  Declining prices, along with higher VA loan limits have afforded many active duty and former service members the opportunity to scoop up a piece of the California coastal lifestyle by purchasing one of those properties.
Sellers often cringe when they receive an offer using VA home loan financing.  The general thought is that the VA condominum complex approval process is time-consuming, onerous, and difficult...
Nothing could be further from the truth.
All loan types, including FHA and conventional vet the condominium association's organizational documents, finances, and residency mix.  In fact, the VA guidelines tend to be the least restrictive of all three loan types.
Three tips for real estate agents when presenting an offer, on an unapproved complex, with a VA mortgage:
1- Use a VA lender who has been through the VA approval process MANY times.
2-Review the required documents' checklist:
The document checklist is available in Chapter 16 of the VA Lender’s Handbook.  Specifically, the table of required ... more

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