VA Condo GuidelinesThe VA requires a condo project to be deemed eligible for a VA home loan.  There are 2 ways to determine VA condo mortgage eligibility:

I.  Pre-approved VA Condos
II. Requesting Condo Approval from VA

The common method used for VA condo eligibility is verifying VA condo pre-approval.  Either way,  when using a VA home loan the subject condo must be considered eligible by VA.

I. Pre-approved VA Condos

VA maintains a list of condo projects that are currently eligible for VA condo financing.  VA eligible condos come in 2 varieties:

1. VA approved with conditions
2. VA approved without conditions

VA approved with conditions” means the mortgage lender must determine and satisfy whatever the “condition(s)” is/are prior to closing a VA loan on that particular condo.

For both “with AND without conditions” VA condo approvals the lender must verify additional information such as adequate blanket insurance coverage.

VA pre-approved condo listVA Approved Condos

Contact The HOUSE Team for more.

II. Requesting Condo Approval from VA

If the condo being financed is not on the VA pre-approved condo list, a mortgage lender can request VA condo approval.  The VA reviews the condo project to determine if it meets VA condo eligibility requirements.  Submitting a condo for VA approval may take up to 4 to 6 weeks.

Contact The HOUSE Team regarding a new condo project for VA eligibility review.

The HOUSE Team Speaks “Condo”

The HOUSE Team is experienced and knowledgeable when it comes to financing a condo.  Mortgage rules and the loan process differ when it comes to successfully closing a mortgage on a condo on time without any costly surprises.  If you need an expert condo lender on your team, contact us today.

Team Phone:  602.435.2149
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