Asked by: Cedrick Woerndel
personal finance home insurance

How do I know if my condo is VA approved?

27
In order to determine if a condo is VA approved or not requires a visit to the VA's website. From there, if you know the name of the condo association, you are in luck. Just enter the name and you'll have your answer within seconds.


Herein, how do I find out if a condo is VA approved?

It's very easy to look up whether a condo is approved on VA's approved condo list. Just go to VA's website and type in the name of the condo. It's best to use just part of the condo name with an asterisk (*).

Also, do condos have to be VA approved? Buying a Condo With a VA Loan. Borrowers can use their VA home loan benefits to purchase a condominium. A condo complex must be approved by the VA in order for a borrower to purchase a unit. Hundreds upon hundreds of condo developments across the country are already on the approved list.

One may also ask, how long does it take for the VA to approve a condo?

30-40 days

How do I find out if my condo is warrantable?

Check the Lists HUD (for FHA loans) and the VA have lists you can consult to determine if a condo is warrantable. You can check the FHA list here and the VA list here. If you find your development's name on the list, you are in good shape. If you don't, then you have to do some more digging.

Related Question Answers

Estella Marguenda

Professional

Can you be denied a VA loan?

If your VA loan was denied, it's possible that your loan officer made a mistake or the lender does not do manual underwriting on VA loans. In some cases, you will not get an automated underwriting approval, but that does not mean that you are not still eligible for a VA loan.

Homobono Arestin

Professional

What makes a property VA approved?

In terms of what properties are acceptable for purchase with a VA loan, the Department of Veterans Affairs has specific guidelines. The most important rule for VA-backed financing is that the property must be the primary residence of the borrower or borrower's immediate family (spouse or children).

Mariyana Loya

Professional

Why some condos are not FHA approved?

A condo may not be FHA-approved because it does not meet the agency's requirements. The financial crisis increased the number of such condos by increasing the delinquency and foreclosure rates of residents, which reduced the incomes of condo associations.

Amauri Hayward

Explainer

How do I find out if a home is VA approved?

Check the VA's current list of approved complexes or ask a lender to determine approval status. If the condo is not on the “approved” list, your buyer's lender can request approval directly from the VA.

Ansa Noemia

Explainer

What is a VA approved condo?

Condo boards or homeowners associations (HOAs) apply to the VA to have their condominium projects approved. With approval, all the units within it are VA-eligible properties. Meaning, borrowers can purchase any one of them with a VA-guaranteed loan.

Tinguaro Pintual

Explainer

Do site condos need VA approval?

Since the developments were entitled as condos, they were subject to VA's Condominium Approval and Processing. Effective immediately, Michigan builders will no longer have to get VA approval for a site condo project.

Hamna Siverio

Pundit

How can I tell if a condo is FHA approved?

A real estate agent can help you find an FHA-eligible condo in your area through the multiple listing service. You can also visit the HUD website to find FHA-approved condos through its search feature. Just enter your state and county to see a list of eligible condos.

Emilio Hippert

Pundit

How do I know if a condo is FHA approved?

Before you find your dream condominium, you'll want to check if it's FHA approved first. You can browse the list of FHA approved condos on the Department of Housing and Urban Development (HUD) website. Here, you'll see condos in your area that are FHA-approved.

Sotirios Nadales

Pundit

What is a presale letter?

Presale Letter
Presale letters are for new condominium projects. For example, if there is a brand new condo project with ten units, the VA requires that 70% of those, or seven units, are already pre-sold—meaning a contract has been written and someone will move into the condo when it's finished.

Milana Nauhauser

Pundit

Can you buy an apartment with a VA loan?

Can I buy an apartment building with a VA loan? Yes – but with a technicality. VA loans are meant to give VA members the chance to afford a home to live in. With your loan, you can purchase a property that has up to four units.

Xoan Altemeyer

Pundit

How long does it take to get a VA loan approved?

one to five weeks

Ladisla Byrne

Teacher

Can you use a VA loan on a townhouse?

The VA loan can be used to buy a home (including townhouse or condominium unit in a VA-approved project), to build a home, to simultaneously purchase and improve a home, to improve a home by installing energy-related features, or to buy a manufactured home and/or lot.

Windy Strojnzk

Teacher

Do townhouses have to be VA approved?

An entire condominium (condo) complex needs to be FHA or VA approved before a unit within the complex is eligible for FHA or VA financing. Townhomes and PUDs (Planned Unit Developments) do not need to be FHA or VA approved, even if they are part of a complex comprised of contiguous units that look just like condos.

Honorinda Benslaiman

Teacher

What is a one time restoration of VA entitlement?

VA Loans & One-Time Restoration of Entitlement. But there is a one-time exception that allows VA buyers to purchase a home, hold onto the property and then later regain access to their full VA loan entitlement. It's known as the one-time restoration of entitlement.

Laticia Juncadella

Teacher

Can you get more than 1 VA loan?

It's possible to have more than one VA loan at the same time. VA borrowers without sufficient entitlement may still be able to obtain a VA loan by making a down payment, often for less than what would be required for other types of financing. Plus, VA loans do not carry any type of mortgage insurance.

Liam Pavi

Reviewer

How is VA loan entitlement calculated?

The calculation for full entitlement in most areas of the country looks like this:
  1. Basic entitlement is $36,000 x 4 = $144,000.
  2. Bonus entitlement is $70,025 x 4 = 280,100.
  3. $144,000 + $280,100 = $424,100 (the maximum loan value for which the VA will guarantee)

Elisaveta Bukolt

Reviewer

Can you buy condo with FHA?

The FHA insures one unit condos in which you can get a 15 year or 30 year fixed-rate mortgage. You can buy almost any condo using many different types of home loans, including conventional loans. The property must be FHA approved if you want to purchase a condo or town-home using an FHA loan.

Tyler Grosseruschkamp

Reviewer

How do you get pre approved for a VA loan?

Documents you may need to provide during VA Loan preapproval include:
  1. A copy of your driver's license or other government identification.
  2. A copy of your DD-214 or Reserve/Guard points statements.
  3. A statement of service for active duty borrowers.
  4. Recent pay stubs and W-2s for the last two years.
  5. Recent bank statements.

Alhagie Sira

Reviewer

What is needed for a VA loan?

You must have satisfactory credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy.

Co-Authored By:

EveryThingWhat Staff Editor

12

4th January, 2020

39

78% of readers found this page helpful.

4.4/5

Click a star to add your vote

Similar Asks
Trending