Home Buying in 92110>Question Details

Gemineye74, Home Buyer in 92110

can i get a condo complex added to the VA approved condos list?

Asked by Gemineye74, 92110 Mon Jul 13, 2009

i know there is a website out there that lists all approved VA condos, but what if I am interested in a condo that isn't on the list? can I get it on the list? how do I do that and will it take too long to keep the seller interested? This is such a rough market for VA loans. Nobody seems to want to accept my offer. Finally I find a place I like and my offer entertained, only to have the VA approved door shut in my face.

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I've probably funded 40 VA home loans in 2009, many of them for unapproved condominium complexes. In Southern California, it's quite common along the coastal communities for buyers to look at condos, townhomes, or PUDs as lower-cost alternatives to single-family homes. Declining prices, along with higher VA loan limits have afforded many active duty and former service members the opportunity to scoop up a piece of the California coastal lifestyle by purchasing one of those properties.

Sellers often cringe when they receive an offer using VA home loan financing. The general thought is that the VA condominum complex approval process is time-consuming, onerous, and difficult...

Nothing could be further from the truth.

All loan types, including FHA and conventional vet the condominium association's organizational documents, finances, and residency mix. In fact, the VA guidelines tend to be the least restrictive of all three loan types.

Three tips for real estate agents when presenting an offer, on an unapproved complex, with a VA mortgage:

1- Use a VA lender who has been through the VA approval process MANY times.

2-Review the required documents' checklist:

The document checklist is available in Chapter 16 of the VA Lender’s Handbook. Specifically, the table of required documents is available on page 16A.03. I suggest that the loan originator AND both real estate agents AND the escrow officer review this table as soon as an agreement of sale is executed. At first glance, the list appears to be ominous (lots of dead trees). Upon more careful scrutiny, it is plain to see that only 5-6 documents are required; the other 20 or so are only required IF AVAILABLE.

3- Consider the time saved by using an attorney's opinion letter:

The key component to the VA condominium complex approval is the Attorney’s Opinion Letter. Essentially, the VA relies on the expertise of an independent attorney to evaluate the condominium documents and offer an opinion as to whether or not those documents comply with the VA regulations. An attorney opinion letter is NOT a requirement for the submission package but attempting this without one is not recommended. While it adds another layer of cost to the approval process, the result is a greatly reduced examination time at the VA.

VA condo approvals are quite easy if you know what to do. Follow these three tips to guarantee a smooth transaction or contact me with any questions you might have.
2 votes Thank Flag Link Sat Dec 19, 2009
Could uou help with a VA Loan in Miami on a unapproved condo?
Flag Mon Oct 29, 2012
Sure, it's not that hard for someone that knows what they are doing. You need an agent and a lender that are working together to coordinate the process. If you don't have that you should look into someone (like me) that can get the job done.

J.R. Thrasher
http://www.SanDiegoRealEstateVeterans.com
(619) 929-0105
1 vote Thank Flag Link Mon Aug 12, 2013
Gemineye74,
Here is the list to check for approved VA complexes.

http://condopudbuilder.vba.va.gov/2.2/frames.html

If the project you are looking is not on the list, the developer/owners can try to get the projcet approved via specialists (for a fee) in that area (I can provide a name if you need it). This is for San Diego county.
1 vote Thank Flag Link Mon Jul 13, 2009
You can have the Condo you are interested in approved. The approval process takes 3 to 6 months. If papers are submitted properly it is much shorter time.

I do VA Condo approvals. If anyone interested please contact me at the below numbers.

Roubina Bouladian
7013 Foothill Boulevard
Tujunga, CA 91042
Tel: 818-273-9078
Fax: 818-273-4755
0 votes Thank Flag Link Tue Apr 15, 2014
I was finally able to find my client a Condo and we are in the process of having the condo certify for VA approval. You can call me at 951-445-9636 if you need an agent to help.
0 votes Thank Flag Link Mon Apr 14, 2014
If you are selling get a pre sale inspection 1 you will sell it faster. 2. if anything needs to be fixed your not surprised and you can take care of it prior to the sale. 3. you can add to you listing you are VA approved if you are within the guide lines which is not hard. :o) Good luck
0 votes Thank Flag Link Thu Aug 15, 2013
Hello Gemineye 74:

My name is Roubina and I specialize in getting condominiums VA approved. If you are interested please contact me at (818) 273-9078. I work for KESHISHYAN LAW, INC. my hours are 9:00 a.m. to 4:30 p.m. Monday thru Friday.
0 votes Thank Flag Link Mon Aug 12, 2013
Gemineye74, You can possibly get a certain development approved. I am the listing agent for a condo, and the buyer had a VA approval. Her agent asked if my buyer would allow them to get a VA approval on the property, and together we all worked to get it done. I won't lie and say it was the easiest process possible. It cost a bit of money, and took us 45 days. Originally we were told it might be about a 10 day process, but this particular development has a big deferred maintenance issue- and upcoming repairs, so the VA looked at all of the finances with a fine tooth comb- adding extra time and effort to the process.

With the right seller, and the help of the right agents, it can happen!

If I may be of help to you in any way, please let me know.

Patti Phillips
"Advice You Need, Attention You Deserve"
800-680-9133 or 619-507-2100
0 votes Thank Flag Link Mon Jul 13, 2009
The biggest problem nowadays is the lack of VA approved condos. I have never heard of getting one approved unless the builder gets it approved, but I would check into a spot approval with your lender...and check around with different lenders. They all practice things a little different. Other than that...stick to the approved list. Or do fha.

Good luck
Joan
0 votes Thank Flag Link Mon Jul 13, 2009
Gem in 92110,

VA approved 92117, Balboa Ridge Condos, just 1 mile away Call if you need further assistance
0 votes Thank Flag Link Mon Jul 13, 2009
I have worked with VA buyers and it is very difficult in the lower price ranges. Like you state Sellers and Banks don't like them One Client I had to write over 10 offers and finally we got a place after it fell out of escrow for the third time. Persistence pays and I would suggest working with a lender that really understands the process and can write a very strong pre-approval letter.

There is a VA website but it is very hard to navigate and many complexes are listed incorrectly on it. The only safe way is to again work with someone in the know.

VA is a great loan so just be persistent. Hopefully the inventory will loosen up a bit and the Sellers will be more anxious to put deals together. There are many more foreclosures going through the process right now headed for the open market.
0 votes Thank Flag Link Mon Jul 13, 2009
Your lender needs to attempt a "spot approval" of the complex in question. Unfortunately, now a days these are very hard to come by. I've had great luck with mortgages through credit unions versus regular banks when there are VA/FHA complex approval issues. Good luck!
0 votes Thank Flag Link Mon Jul 13, 2009
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