one item that has not been mentioned below which may impact a 'condo' sale in the Valley with a FHA or VA or even conventional financing is the 'condo cert' process that may not permit any type of financing. IF you are prequalified and working with an agent, please discuss with them condo certs and warrantability on condo's for financing. We have seen MANY condo complexes bought by investors in the past two years due to the market conditions. when a condo complex has more than 50% investor ownership, it may no longer qualify for 'normal' financing. There are several other factors that can cause a problem with financing when the condo certificate is returned to the lender from the HOA. I had one last year that was mostly owner occupied but the HOA had just changed management companies. As a part of that change, they had given homeowners an extra 30 days to pay to the new company their dues. Unfortunately they reported that too many were 'late' on their dues and did not take into consideration their owe 'grace' period. The lender denied the file! Thankfully, timing was not critical for either that buyer or seller and within an additional 45 days we were able to get a new report that was accurate and within the guidelines the lender required and closed the loan. I don't have the entire list of questions, but know that % of late HOA payments, % of Owner to Investors, $ in HOA reserves all impact any financing on a condo complex. MOST sellers have no idea about those items and are not able to say if the condo is going to pass or not! And it could pass one month and not the next as I found out!
Typically, most VA purchases (in AZ) take between 20-45 days depending on your lender, your preparation before you get underway and what happens with a condo certificate!
Realty ONE Group
VA loans will typically close in 30-45 days once you have a home under contract--this depends on the skills of the lender that is processing the file for you. Be careful with looking at a lot of condos if you are using a VA loan because many condo subdivisions aren't on the approved VA list and the process can be very difficult if you don't have the right Realtor and lender working for you. Having an experienced VA lender/agent combination can save you a lot of time and frustration.
I have extensive experience with VA lenders and can provide you multiple references of VA buyers that I represented in 2013 when they purchased their new homes.
The first step in the process is have a lender put a pre-qualification letter together. If you have a lender you are working with--great! If not, I can provide you with a list of several lenders that my clients have used in the past. After that, you and I can start searching for homes based on the criteria that you have. I will schedule a tour of homes that meet your criteria and that are pre-screened against the VA approved list. Once we find the perfect home for you, I will be lockstep with you during the contract writing, negotiation, inspection period, appraisal, underwriting, final walk through, and signing of documents.
How can I be of service to you?
Your question is a little vague; you may want to contact a Lender. Call Karen Jones 480-339-1577, AmeriFirst Financial she is very knowledgeable and may be able to help. Let her know I sent you.
Have a GREAT day!
Vivien L Biggs PLC
Prudential Arizona Properties