Check If That Northern Virginia Condo Is FHA /VA Approved!
As someone who sells a large number of condos in Northern Virginia knowing whether the building is FHA or VA approved is a big part of the process. Before I list a property I confirm its status with these sites as well as check in with the association to make sure the deficiency rates are below 15%.
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.
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