VA Approved Condo List & Approval Process

Reblogger Praful Thakkar
Real Estate Agent with LAER Realty Partners
https://activerain.com/droplet/4DHs

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 

Original content by George Souto NMLS #65149

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.

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.

 


**********************************************************************************************************

 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

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Mortgage / Finance

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
4,432,533
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This is a good post to reblog. I hope buyers will read it.

May 30, 2015 09:21 PM #1
Rainmaker
3,318,475
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

VA and FHA approved condos are in demand and wise for associations to learn the requirements and the paperwork required.

May 30, 2015 09:22 PM #2
Rainmaker
2,534,426
Rebecca Gaujot, Realtor®
Vision Quest Realty - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Thanks for this reblog. I didn't know... Once a condo is on the VA Approved Condo List it does not have to be certified again. 

May 31, 2015 03:25 AM #3
Rainmaker
2,051,149
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Thanks for the re-blog and I have bookmarked this page. 

May 31, 2015 05:26 AM #4
Ambassador
3,888,901
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Praful thank you for the re-blog I hope the information comes in handy for your readers.

May 31, 2015 10:20 AM #5
Rainmaker
1,275,396
Michele Cadogan 917-861-9166
Fillmore Real Estate 2990 Av U, Bklyn , NY 11229 - Brooklyn, NY
Licensed Real Estate Associate Broker -

Thanks for this helpful  re-blog regarding VA  approved condo list and  describing the process - bookmarked to share with my new  associates. 

May 31, 2015 10:42 AM #6
Rainmaker
3,249,421
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Praful

It's a good idea to have an understanding of VA Approved Condo's . .  . . and a leader that you can count on when you have a buyer for a VA condo.

Good luck and success.

Lou Ludwig

May 31, 2015 11:21 AM #7
Ambassador
4,302,460
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Thanks all for stooping by - really appreciate it.

Jun 04, 2015 03:07 PM #8
Ambassador
4,302,460
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Thanks, Lou Ludwig anything we learn here is valuable.

Jun 04, 2015 03:07 PM #9
Ambassador
4,302,460
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

And ActiveRain is the never-ending stream of learning!

Jun 04, 2015 03:08 PM #10
Ambassador
4,302,460
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Thanks for bookmarking this post Michele Cadogan - and your support.

Jun 04, 2015 03:08 PM #11
Ambassador
4,302,460
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Rebecca Gaujot, the GO TO REALTOR - we learn a lot here, isn't it?

Jun 04, 2015 03:09 PM #12
Ambassador
4,302,460
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

There were few things that I was not aware of,  prior to reading this post from George Souto 

Jun 04, 2015 03:09 PM #13
Ambassador
4,302,460
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

George Souto always learn so much from you and few other (Should I call you resident mortgage expert on ActiveRain?)

Jun 04, 2015 03:10 PM #14
Ambassador
4,302,460
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Sally K. & David L. Hanson it is important that we know about these products.

Jun 04, 2015 03:10 PM #15
Ambassador
4,302,460
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Thanks to ActiveRain and prolific bloggers who updates us....

Jun 04, 2015 03:11 PM #16
Ambassador
4,302,460
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Thanks for bookmarking this page Robert (Bob) Gilbert - appreciate your support and comments - always.

Jun 04, 2015 03:11 PM #17
Ambassador
4,302,460
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Thanks for stopping by Gita Bantwal - appreciate your comments.

Jun 04, 2015 03:12 PM #18
Ambassador
4,302,460
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Once again - great informative post from Geroge about VA approved condos.

Jun 04, 2015 03:13 PM #19
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
4,302,460

Praful Thakkar

Andover, MA: Andover Luxury Homes For Sale
What did my neighbor's home sell for?
*
*
*
*
Spam prevention

Additional Information