http://www.warms.vba.va.gov/pam26_7.html do not require approval and do not have project reviews. Although townhouses might have at one time. Thus, a condo must be pre-approved and on that list on the website, but not townhomes. Pick whichever legally defined townhome you like on any real estate site. (Vet)
Thanks for your question! I'm happy that you and your husband can take advantage of this important VA benefit. I'm a loan officer who has experience in VA lending so I'm happy to respond to your question.
VA will NOT accept FHA approval as of a few weeks ago.
For a list of VA approved projects visit http://condopudbuilder.vba.va.gov/2.2/frames.html and click on CONDO/PUD reports in the column on the left.
You do need the exact name of the condo project or you can browse the list but you need patience - it's not that user friendly. If you're not sure of the project name you might be able to retrieve that from the Registry of Deeds, which goes by County. Try "The" or leave out "the" in front of the name or the street number (e.g., 11-115 Main Street Condominiums) if you have trouble finding the
To obtain VA financing your husband would need to obtain a COE (Certificate of Eligibility.) If he doesn't have one, check this site: http://www.homeloans.va.gov/eligibility.htm and complete an application for a COE (VA Form 26-1880; http://www.vba.va.gov/pubs/forms/vba-26-1880-ARE.pdf ) You'll need to provide a copy of his DD-214 as proof of his military service.
If your husband has a service-related disability the VA may waive its funding fee.
Please let me know of any other questions you may have as I've closed a lot of Goverment loans and would be happy to be of help.
Eagle Nationwide Mortgage, a subsidiary of Eagle National Bank
Alyssa, I've very much like the information on the VA condos or townhomes in the area. I've been researching myself but finding some of the association names differ from the complex names so google isn't being super helpful : )
Thanks again for the helpful and prompt responses!
VA loans are really a great program. I bought my own house using a VA loan and know all about the difficult restrictions because of it. Typically any time somehting is FHA approved it will also be VA approved. I would be happy to get you information on the approved VA/Townhomes in your search area.
On another note, I want to say thank you for your service - whether you are a spouse of a veteran or one yourself. Again, I know first hand the sacrifices military families make!
I am a Massachusetts Lender and I deal with the VA all the time. You can go to this link, it will help you, but you need to find the accurate needed information.
As you must realize by now, if the condo is not approved, according to that site. You can still get it approved. Its tough, but not impossible. If you contact me I can supply you with a condo questionaire. This questionaire will have all the information required by VA / FHA.
Thnaks and best of luck
Paul De Sousa
Sr. Mortgage Consultant