"Be Sure The Complex is FHA or VA Approved!"

By
Real Estate Broker/Owner with Dan Hopper - Gold Way RE

"Be Sure The Complex is FHA or VA Approved!"

 

Westminster, CO - How many times have you placed a property, mostly condo / townhouses, on the market without checking whether or not it is an approved complex by FHA or VA

It really is easy to do, if you are not paying attention to the approval lists, and NOT taking one step further to ensure they are approved.  Remember, those lists can change, they are NOT set in stone for long terms!!

We have recently come across a complex that DOES show it on the VA list, as an approved complex.  But, is it really approved?  One buyer discovered that it may not be. 

Contacting VA, may still not accomplish the task ... for more details go to this blog!!

"VA Home Search, here!"

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Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.
Thank you for reading, "Be Sure The Complex is FHA or VA Approved!"

Comments (8)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Dan, this is important information, and preparing a townhome for the market, and is NOT on the FHA list, but first of May showed a sale with an FHA loan.   Will need to do a bit more research.

Jun 12, 2013 01:00 AM
Dan Hopper
Dan Hopper - Gold Way RE - Westminster, CO
Denver Broker / Author / Advocate/Short Sale

Yes, thanks Joan .... I just cannot find a recent VA, under 12 months... one of the issues with the Lender.  No start date on the ID#, to the lender it means not approved right now.

Jun 12, 2013 01:31 AM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Great advice. Have seen this problem many times, but with conventions loans down to 5% down on condos, it is not as big a problem as before.

Jun 12, 2013 10:03 AM
Dan Hopper
Dan Hopper - Gold Way RE - Westminster, CO
Denver Broker / Author / Advocate/Short Sale

Thanks, Joe ... even when we do find a closed transaction with a government loan, we still have to ensure that complex is approved NOW. 

Jun 12, 2013 09:35 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Dan, I have had deals fall through because of this approval of the development so I always check before writing the offer or listing the property.

Jun 13, 2013 03:03 AM
Mike Sibbald
Elevations Real Estate, LLC - Fort Collins, CO
Broker/Owner Elevations Real Estate, LLC

Hi Dan, we have found up here lately the management companies are not filling out the paper work!  Imagine how upset you would be as an owner if your management company failed to fill out the paperwork and now you have limited opportunity to sell your home! Good subject!  Mike.

Jun 14, 2013 08:51 AM
Gloria Todor
Berkshire Hathaway Home Services - Newtown Square, PA
& Doug Durren (484) 431-3686 in SE PA

Hi Dan, Best to know this info before setting up those appointments.  So many condo communities here in SE PA are exempt because of high ratio of rentals....

All the best.

Gloria

Aug 28, 2013 11:20 AM
Dan Hopper
Dan Hopper - Gold Way RE - Westminster, CO
Denver Broker / Author / Advocate/Short Sale

Morning Gloria, yes, that is the problem, lately!  With all of the short sales and foreclosures over the last 7 yrs, rental market has grown.  Thus, making those ratios worse than normal on these complexes.  Many HOAs have in their by-laws to NOT allow the ratios of FHA, but much less.

Aug 28, 2013 09:47 PM

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