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The unique benefits offered to eligible veterans related to homeownership can be extended towards the purchase of a condo. Condos offer a range of facilities that are generally not available in other types of residential properties. If you are interested in obtaining financing for your new condo purchase through a VA loan, you need to make sure the condominium is VA approved.
The VA website maintains an up-to-date list of all the approved condos that meet its requirements. The process involved in obtaining a VA condo approval is much different from the FHA condo certification process. The VA condo approval process involves a number of steps and requires the submission of all the documents in proper format as required by VA. VA requires that the no less than 50% of the units in condo building or project be owner-occupied. If the condo you wish to buy is part of a newly constructed building, at least 75% of the units must be sold before VA can allow financing. The list of documents needed for VA approval of a condominium community can vary depending on the regional VA office processing your application. If the condo has never been approved before by any of the other government agencies such as HUD, FHA or USDA, then it is very important that a Attorney Opinion Letter accompanies the approval application.
The complete list of VA condo approval documents are detailed in Chapter 16 of the VA Lender’s Handbook. If the HOA of the condo doesn’t have an approval in place, you may need to initiate the process to be eligible for your VA loan benefits. As VA allows financing only on the approved condos on its roster, it’s important that you work with a knowledgeable lender that specializes in VA mortgages.
This initial review phase can also be beneficial to you as it involves the assessment of your overall loan eligibility in terms of VA benefits, income, assets and other documentation. When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Among the books for the children, he wrote many books which are legendary among the children. During a loan modification program or workout, your lender or service provider may request that you submit a hardship letter. Provide details about the hardship – make sure that the reasons are genuine and can be verified.


This sample hardship letter describes a typical hardship case of unemployment and unexpected medical bills.
We used the unemployment benefits and our savings to pay our mortgage for the first 3 months but quickly found ourselves unable to make our payments and have fallen further and further behind. We believe that we are through the worst of these difficult times as I am now fully employed and we only have 2 payments left on our medical bills. LoanSafe Community - loansafe.org - A collection of information on loans, refinancing and foreclosure. Disclaimer: The content on this page is intended for educational use and not to be construed as legal or professional advice. You can avail all the VA loan benefits you are entitled to, even when buying a condo, provided it is a VA approved condo. Most new and existing condominiums have a number of amenities and perks such as pools, gyms and clubhouses that are hard to find elsewhere. The changes introduced in 2010 have brought in significant changes to the process involved in VA condo approval. Until very recently, a separate VA approval for condos was not needed as long as there was FHA approval in place. The total VA condo approval process can take 60 – 90 days from the submission of the full condo application to VA. The guidelines for VA approval of a condo are not as detailed or structured as those involved in FHA approval process. The contents and the format in which this important piece of documentation needs to be drafted are clearly detailed in the Section B of Chapter 16. If there are any recorded amendments for annexation exist, then they must be added included too. They can perform the initial review of the condo’s eligibility and guide you in the appropriate direction. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product. Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.
In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.


In his books, The Lorax, The Cat in the Hat, Fox in Socks, The King’s Stilts, Horton Hears a Who, Horton Hatches the Eggs are at the top. This letter is a key document in the effort to avoid foreclosure and outlines the issues that are affecting your ability to pay your mortgage. Keep reading below for a free sample hardship letter for loan modification, tips and links to other resources. Use it to help you write a letter of hardship for loan modification when working with your mortgage lender. We would appreciate your help in working out a reduction of the amount we owe the bank so we can keep our home.
The security afforded by large condo communities is also highly desired by new home buyers. There are a number of sites that regularly monitor the newly approved VA condos and present them in an easily accessible manner. Condominium projects with FHA approval dated prior to December 7, 2009 can still satisfy the VA requirements for condos without any need for further processing. While it is not mandatory to submit an attorney letter, it has shown to be effective in speeding up the entire approval process.
HOAs are legally bound to provide copies of all the above mentioned documents upon making a formal request.
This template and the sample hardship letter below are of course only meant to be used as general examples. Even if a project has a FHA condo approval in place on or after December 7, 2009, a VA approval is mandatory.
Submit a written request for the required VA condo approval documents in a proper format and pay the appropriate fees.
This is not an offer to lend and we are not affiliated with your current mortgage servicer. If any additional phases in a project have been annexed into a condo project on or after the stipulated date, the full review of all the documentation is needed to qualify as a VA approved condo.
Geisel also wrote some poetry in his books, and many other poets also follow the same metric.



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