The Department of Veterans Affairs (VA) maintains an Approved Condominiums List. Once it is determined by the VA that a condominium project meets its set of minimum standards, it is added to the List. VA loans are only available in condominiums that appear on this List... https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch
Criteria for VA Condo Approval :-
> The most recent set of criteria for VA condo approvals is Chapter 16 of the VA Lender Handbook. Sections of this Chapter have effective dates of 2001 and 2003. The VA is currently in the process of revamping the guidelines and the Handbook as it pertains to condominiums.
> Chapter 16 is only 43 pages in length and much of it deals with the criteria for the writing of an Attorney Opinion Letter. We can compare that to the 95-page Guide for FHA condominium project approval.
> The basic criteria for obtaining a VA condo approval are fairly similar to those of FHA and Fannie Mae with certain nuances. The VA has far less tolerance for leasing restrictions than do both FHA and Fannie, for example.
Processing of VA Condo Approval :-
> The VA has a checklist of the required documents for approval. It includes legal documents, proof 70% of the units have transferred from the developer, financial information (including a breakdown of any special assessments), the minutes from the last two Board meetings, copies of current service contracts (landscapers, maintenance companies, etc) and description of current easements.
> An Attorney Opinion letter may be provided which certifies to the VA that the condominium meets the set of minimum standards... http://valoanguidelines.org/... more
Hello, as soon as possible is the best time to get started. I would love to help you out with your Real Estate search. You can contact me at 314-413-2972. However for your mortgage pre-qualification, Please call Brad Bleich at Superior Mortgage, 618-978-1595.... more
I suggest calling Dean Pilcher, VP at First Bank in the mortgage division. I know he has jumbo loans with 5% down for professionals. His telephone # is 314-205-3105. He's also a great lender. Very helpful.... more
Not sure if you're still needing the physicians loan but someone else may need one. Give Dean Pilcher, VP at First Bank. They have professionals loan -- Drs and Attys. Dean's telephone # is 314-616-2888. Plus they have great rates!... more
I just did one of those, we had to document the improvements, and went Fannie Direct to avoid lender overlays. I'm in St Louis, but write loans nationally. Questions? Give me a call or shoot me an email! Thanks, Ted... more
I think it all depends on the lender. I saw online there is no credit score minimum for Vets but then all the lenders I talk to say you need to have a 620 or 640. I would say you need to talk to a lender or a broker that works with multiple lenders to get a straight answer.... more
I'm not quite sure what your question is. If tou have a legally binding contract, there are provisions in it go protect both tjhe buyer and the seller, including provisions for both sides to be sble to take legal action against the other if the other side suddenly doesnt perform and fulfill thrir obligations under the terms of the contract. That said, loan commitment is typically a couple weeks before closing and thats the pount the buyer has to have their loan in place . If it can be shown that the buyer is purposely not applying to get the loan or giving the mortgage lender the required documents, the seller can take legal action, but a job loss is a jib loss... more
It all depends on your note. You may received an interest credit at time of closing then you may have a payment due the immediate 1st of the month. Typically the first 5-7 days of the month could go either way so you need to check your note.... more
You can look into private sellers, such as myself, who would offer a lease to own option. Email me directly and I can give you some information about some of the properties that I have and maybe I can help you out.
I work with many out of town and local investors who re sell and who also flip homes in the St Louis Market. I find distressed homes and turn key homes depending on the investor's criteria. This year alone I have helped purchase 15+ homes for 5 different price range companies and individuals.
Please feel free to call me with any questions/concerns.... more
True that there are many options for financing and leasing. Why not address the problem at it's source: your credit score?
Please consider contacting Karen Robinson at The Credit Care Company (314-238-1326) and let state licensed professionals help you get your score where it needs to be. They will process your information the same way a mortgage company will and give you an action plan for a solid improvement. They will do a free credit review, a one-time flat-fee consultation, or a full-service, get-it-all-resolved program. The money you spend here will be saved in the long-run with far better financing options.
Interest rates do not appear to be in danger of a quick increase, and housing prices will only increase slightly in the months ahead. You may be happier if you take the time to improve your score and open up your options.