As a token of our nation’s gratitude, the United States government provides mortgage guarantees to honorably discharged veterans through VA-backed mortgages. These unique benefits can offer up to 100% financing, more liberal credit standards, and reduced credit score requirements. But before this advantage can extend to a condominium community, the VA must first approve it.
To qualify, a condominium community must meet certain criteria.
The VA’s approval process requires a comprehensive review, forbidding “spot approvals”. The application checklist may necessitate up to 27 items, depending on the nature of the submission—pre-construction approval, new construction approval, or an existing complex’s approval. This approval, which takes about 30-45 days, comes at no charge, and once a community is approved, no recertification is required.
It’s paramount to have an expert who understands the VA’s guidelines to ensure the community’s governing documents are compliant. American Condo Approvals can help you navigate the VA condo approval process and circumvent common obstacles. Contact us today to learn more.