VA Condo Approval List. The VA Condo Approval list is the official list released by the Department of Veterans Affairs. The VA updates this list on weekdays in real time.
In this way, can I buy property with a VA loan?
Buying land with a VA loan is possible, but it must be done simultaneously with constructing a new home. You can’t use a VA loan to purchase land by itself – even if you intend to build a home later.
Hereof, does VA accept HUD approved condos?
Action. Effective December 7, 2009, VA will no longer accept HUD/FHA condominium project appraisals in lieu of VA project review. Condominiums previously accepted by VA, based upon HUD/FHA acceptance, will continue to be acceptable to VA.
How do you get a condo on the VA approved list?
To be approved by the VA, the condo your condo development must meet these requirements: At least 50% of the units must be occupied by their owners. In other words, less than 50% of the units can be rented out to tenants. Less than 15% of the unit owners are behind on their Homeowners Association dues.
An easy way for anyone to determine if a condo is warrantable is to check both the VA and FHA approved condos lists. If the condo building you’re looking at is on the list, it should be fully warrantable.
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.
The process of getting VA Condo Approval generally takes 30 days or less. The reason for this lengthy processing time is their 2-step application process. First, we send the application to the regional office and a Staff Appraiser will review it.
VA Loan Minimum Property Requirements
- Mechanical systems that are safe to operate.
- No signs of leaks in basements and crawl spaces.
- No sign of termites, dry rot, or fungus growth.
- Adequate heating systems.
- Adequate roofing.
- No lead-based paint (must be remediated if it existed in the past)
VA Home Loans can be used to purchase:
An existing home, or a condominium or townhouse in a VA-approved project. For condos or townhomes, the entire complex must be approved by the VA before the buyer can receive a loan for one unit. … A manufactured (mobile) home or a modular home.
The Department of Veterans Affairs addresses this in the rules found in the VA Lender’s Handbook (VA Pamphlet 26-7) that govern condo transactions. According to Chapter 16, condos as a common interest community are defined as a structure or structures on “common land, often including recreational amenities.
The biggest difference between a condo vs. apartment is ownership. An apartment is defined as a residence that is rented, often as part of a larger residential building. A condo is similar in structure to an apartment — usually a unit within a larger residential building — but condos are owned instead of rented.
The phrase “VA-approved” in this context would specifically refer to facilities that pass their VA inspections and meet VA standards on a regular basis. Then there are the VA-operated facilities that are directly under the national Department of Veterans Affairs and have specific requirements for admission.
VA mortgage financing is available for 1 to 4 family, owner-occupied properties. VA Loans are not available for non-owner-occupied properties, such as vacation homes or investment properties. To qualify as an existing property, the home must be fully completed for at least one year before occupancy by the veteran.