Check If That Condo Is FHA /VA Approved!

By
Real Estate Agent with Century 21 Liberty Homes RS-#62825
http://actvra.in/cfW

With the changing times in our housing market came big changes altogether for FHA and VA loan criteria. The biggest stunner was the condo/townhouse complexes that used to be FHA or VA approved; but alas no more.

Don't wait until after you get into contract to get shocked that the condo/townhouse is no longer approved by FHA or VA. Get your homework done and check before you list that property and check before you write that contract for your buyer. 

You can get lists of complexes for FHA approved condo/townhouses/homes/communities for any state at this site:  FHA approved homes and communities  and this site is for VA approved condos.

 The owner occupancy rate of 51 % is the biggest determination for the condo being approved as well as the insurance coverage.  Ask your lender if they are able to determine project eligibility, review project documentation and certify if that property is not FHA/VA approved.

Be proactive before you list a property or write a contract.

Find out more from a lender and do your homework.

 

Posted by

                                                       

 

Celeste "Sally" Cheeseman  is a Realtor-Associate® and Certified Residential Specialist (CRS) with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs  she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocations, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents, Home Buyers and Sellers.

 

 © 2007-2014 Celeste "Sally" Cheeseman's

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Re-Bloggged 9 times:

Re-Blogged By Re-Blogged At
  1. Debe Maxwell 06/13/2010 10:46 AM
  2. Stephanie Reynolds 06/14/2010 09:22 PM
  3. Dick and Dixie Sells 06/20/2010 06:39 AM
  4. Cindy Jones 06/29/2010 10:21 PM
  5. Robert Jarvis 08/18/2010 02:48 PM
  6. Stefan West 06/07/2011 08:17 PM
  7. Praful Thakkar 06/07/2011 10:50 PM
  8. Ed Silva 06/08/2011 07:22 AM
  9. Cheryl Ritchie 06/08/2011 09:48 PM
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Topic:
Real Estate Sales and Marketing
Location:
Hawaii Honolulu County
Groups:
Diary of a Realtor
Hawaii Real Estate Professionals
POSITIVE ATTITUDE for the Weary Soul
Realtors®
"Whacked"!!!
Tags:
fha loans hawaii
va loans hawaii
hawaii real estate agent

Comments 55 New Comment

Rainmaker
171,919
Claude Labbe
DC, MD, VA - Your Busy Life
Real Living

Oh, I love that FHA site... that only operates during business hours.

It just makes me laugh, it's so illogical.

 

June 08, 2011 10:23 PM
Ambassador
1,019,204
Celeste "SALLY" Cheeseman
RA, CRS, Hawaii Mililani Oahu Real Estate
Century 21 Liberty Homes

George: Great info....it's an ongoing change.

June 09, 2011 01:56 AM
Rainer
119,233
Adam Mallory
Broker, ABR, e-Pro
eBroker Real Estate 619-566-ADAM

Nice post Celeste!  I can't tell you the number of times a Buyer (doing their own public MLS searches) have asked me to show them a unit in a building that wasn't approved.  I have to tell them "there's a reason I haven't taken you to that complex"

June 09, 2011 12:19 PM
Rainmaker
304,044
David Krichmar
DaveYourMortgageguy.com
www.DaveYourMortgageGuy.com, FHA, VA, USDA, HomePath, Jumbo

Thank you, i think the old link was no good.  and you had the information on the right link.  Thank you. 

July 19, 2011 02:40 PM
Rainmaker
570,934
Bill Ladewig
Your FHA Guru - FHA and VA Loans Since 1970

Sally, Great Information. Like David way back in 2011, my old link was broken and yours was perfect.  To hopefully return the favor here is a link to a host of information that includes your link: http://www.yourfhaguru.com/information.html

You can be sure If I run accross anyone who wants to buy in Hawaii that I will recommend you.

Thanks,

Bill Ladewig

September 13, 2013 11:35 AM
Ambassador
1,019,204

Celeste "SALLY" Cheeseman

RA, CRS, Hawaii Mililani Oahu Real Estate
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Additional Information

Reading my blog will give you the human side of this Real Estate Industry Professional as well as allowing you to walk beside me through my writing about Hawaii Real Estate & our Local Area. As a resident of Honolulu County Hawaii for 42 years you will get a tour of a lifetime. Specializing in Hawaii Relocation Military VA Home Buyers you can be rest assured you will be in good hands. I LISTEN to YOUR needs and give you sound advice. Hawaii Relocations, Hawaii Military Relocations, Mililani Hawaii Real Estate, Living in Hawaii, Army Navy Air Force Marines in Hawaii. Read more at www.cheesemanhomes.com