All About VA Loans and Condos

All About VA Loans and CondosTips for VA Loans and Condos

Purchasing a Condo is a great way to enter the real estate market without having to deal with all the responsibilities of a owning a house. Condos can be a smart decision for any person interested in buying, but especially great for military buyers frequently on the go. For military buyers, your well-deserved VA home loan benefits can surely be used to purchase a condo, but here are some tips to insure the process goes as smoothly as possible.

-Condo approval is vital:
Different from single-family homes, condo units are required to be in developments which are approved by the Department of Veterans Affairs. To check which developments are approved, prospective buyers can check the VA’s website. The VA requires condo approvals in order to insure veterans are not placed in bad situations with unfair restrictions or burdens.

If your desired condo is not located in an approved development, things get a little more complicated. Your mortgage lender will then have to ask the VA to approve the development, which will include providing such documents and information:

  • Conditions, restriction, covenants
  • Plans, plot maps, schedules
  • Minutes from recent homeowners association meetings
  • Bylaws of Homeowners association

After these documents are gathered, they are sent to the VA, which can take up to 30 days or longer.

-Documents for Review:

Even if the condo is in an approved development area, it’s very important to examine and carefully review the same documents that will be needed for approval. It is important to understand the rules and restrictions to make sure you are choosing the proper development.

We are here to provide you with the proper knowledge you need to know to insure purchasing your Condo goes as smoothly as possible. With offices conveniently located in Irvine, California and Lahaina, Hawaii, contact Avis Lending for all of your VA loans and Condos.

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