California Mortgage Broker, Real Estate Professional in 92075 Email Phone

California Mortgage Broker

  • 343 Helpful Answers
  • 144 Answers
  • 74 Questions
Agent at World Wide Credit Corp
Experience:
Mortgage Planner for World Wide Credit Corp October 2004—present
National Sales Manager for Home Capital Funding January 2002—October 2004
... show more
Specialties:
VA home loans, FHA mortgages, Jumbo financing. non-warrantable condominium financing, private money mortgages
About:
I'm Brian Brady, a 19 year veteran of the financial services industry. I started my career with Merrill Lynch, as a financial adviser, right after I graduated ... show more
Testimonials:
"“With six years of Wall Street experience, Brian is uniquely suited to the mortgage industry. Combine that with his innate ability to analyze complex ... show more
California Mortgage Broker answered:
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. - Sat Dec 19, 2009
Agent Site Map

Contact California Mortgage...

California Mortgage... is a member of Trulia Voices:

Get the inside scoop on your area and home buying and selling.
Ask and answer questions about real estate.
Build your profile and contact home buyers, sellers and agents.
Flag this profile Report this profile
 
Real estate search on the go: downlaod Trulia's free iPhone, iPad, Android app
Copyright © 2012 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer