Owner occupancy does not matter for VA (only for FHA).
VA Home Loan Centers can help you get a project approved.
As of right now, the project is not FHA approved. This means that it would likely not meet VA requirements either as they are very similar to that of FHA. The last I heard, there was a pending litigation issue that was unresolved.
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I know this complex very well as I have a couple of friends who are current owners and I lived there several years ago myself. It is a great community with lots of amenities in a prime location. Right now it is not FHA or VA approved and has a high percentage of rental units. I'm not as familiar with VA's guidelines for project approval as I am with FHA's but this complex will not meet the FHA's requirements for percentage of owner occupancy. I would estimate that 30-40% of the units are rentals maybe more. I understand that VA is more liberal with their project approval guidelines but there is probably a reason why this complex is not currently approved. Unlike FHA approval a VA project approval does not expire or have to be renewed. The VA approval process can be time consuming and expensive and knowing what these condos are going for right now you might be better off using that money as down payment. Also if youâ€™re in a multiple bid situation the seller is unlikely to accept your offer if it's contingent on a VA loan. I hope this info helps. Good luck.
I'm not sure that the first two posts addressed your specific question.
Cross Creek Condominiums may or may not be approved for VA lending.
More information would need to be obtained in order to find out.
Here is a link to the VAâ€™s list of reviewed condominiums:
Here is a list of condominiums that comes up for Atlanta, GA in Fulton County:
There are requirements for VA to review the Condominium, and I would talk to a lender who could review those requirements for you.
You may also want to reach out to the homeowners association who may be able to tell you if the condominiums are approved for VA Financing.
Cross Creek HOA:
Good luck with the home purchase!
Donâ€™t hesitate to call me if you need financing information.
Jonathan R. Cundiff
NMLSR ID 448285
Wells Fargo Home Mortgage
464 Cherokee Ave Se
Atlanta, GA 30312
Tel (404) 610-1011
Fax (877) 302-9968
Its free, easy, and fast to get approved. Please visit http://www.YourHomeLoanRanger.com
I hope this helps, if you need more information please feel free to call.
Senior Mortgage Consultant
Cornerstone Mortgage Group,LLC.
Office - 678-578-7613
Cell - 404-932-5353
Fax - 678-388-1336