Trying to use a VA loan for a condo
Hi, my husband and I are currently negotiating a contract on our condo and the buyer will use a VA loan. We were told that our condo building is FHA approved but it’s not VA approved. His lender told us there is a “streamlined” process by which the VA will automatically approve the condo building and the buyer will get her VA financing. Has anyone been through a similar situation to ours? Any advice? by vincebellemore504 from Arcadia, Florida. Jul 18th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Whenever you buy a property with an association, the lender not only checks you out, but we also check out the associations. A poorly run association is something neither you nor the lender want. For a VA loan, the property must be on the FHA or VA approved condo list. Sadly, most associations, even if they easily meet the requirements, don't bother getting approved. This can effect the value of the property, or force people to either get a conventional loan or pay cash. there are ways to work with the association to get the property approved, but sometimes this can take awhile. Good luck. I lend for properties in MN, WI, IA, ND, SD. Find me at JoeMetzler.com, Cambria Mortgage, NMLS 274132
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