Understanding the VA Approved Condo List 2024
For veterans and active-duty military members seeking to own their slice of the American dream – a home of their own – the Department of Veterans Affairs (VA) provides an extensive list of approved condominiums. A VA approved condo is a property that has met the stringent requirements set by the VA for loan guaranty purposes. If you’re an eligible veteran or active-duty service member and interested in purchasing a condominium unit or refinancing one you already own, the first step to qualifying for a VA home loan is checking the VA-approved condo project list to make sure the building in question is on the list, as reiterated by an update from January 14, 2023.
The Importance of VA Condo Approval
VA approval of a condo is extremely important for potential buyers or investors for a multitude of reasons. First and foremost, not all condo developments meet the VA’s requirements. The VA could deny a condo development for a variety of reasons including too many tenant-occupied compared to owner-occupied units or too many condo owners are behind on their HOA fees. On May 8, 2023, it was even mentioned that if one person (or a single financial entity) owns too many units within the development, it might lead to a denial. The va condo approval process ensures that the condominium development adheres to regulations, maintaining high standards of quality and offering peace of mind to potential buyers.
Secondly, being on a va approved condo list opens up the opportunity for qualified veterans and active-duty military to access unique VA benefits. These include a zero down-payment option, competitive interest rates, no necessity for private mortgage insurance (PMI), and easier credit qualification guidelines, amongst others.
Breaking Down the Top 5 VA Approved Condos on the 2024 List
Let’s take a peek at the creme de la creme of this year’s VA approved condos. These properties have passed the gauntlet of stringent VA approval, providing promising opportunities for veterans and active-duty military personnel.
Property One: XYZ Community
Nicknamed the “vet-friendly village,” the XYZ Community is located in the beating heart of the city yet surrounded by serenity. Unlike the typical hustle and bustle, the architecture of XYZ Community is a perfect blend of sophistication and homeliness. Aside from being on the va approved condos list, this condo community also carries the Cicapair seal of approval for its eco-friendly practices.
Why did it make our list? Simple. It’s the perfect blend of city life and peaceful living; affordability, deserves your attention.
Property Two: ABC Residence
Boasting a picture-perfect location, the ABC Residence is an ideal spot for those who crave cosmopolitan living intertwined with natural beauty. Imagine stepping out to an expansive view of lush greenery each morning. That’s what the ABC Residence offers you.
Its unique features? An exceptional neighborhood bustling with vitality, boosting your chances of buying a second home with a spectacular resale value.
Property Three: MNO Estates
The MNO Estates is synonymous with luxury combined with safety. This VA approved community is designed with veterans in mind, accounting for the potential needs, ease, and comfort of our military heroes.
What makes it a top contender in our list are builder’s reputation and overwhelmingly positive tenant reviews, making it a desirable option for any military personnel considering hud approved Condos for long-term living.
Property Four: BCD Green Living
BCD Green Living provides an immersive experience of eco-conscious living without compromising the urban conveniences one would expect from high-end condominium living. It’s built on sustainability practices, making a substantial contribution to the environment.
Why did it make the list? Its environmental sustainability features, fair property size, and a community devoted to leading greener lives have catapulted it to the top of the 2024 va approved condo list.
Property Five: EFG Waterfront
Waterfront living is the essence of EFG Waterfront. With its sublime ocean views, resort-style amenities, and a thriving community, it serves as a great attraction for those longing for the taste of sea-salt in the air.
What makes it remarkable? Benefits of waterfront living and promising resale value. Talk about hitting two birds with one stone!
|VA Approved Condo List|
|Overview||These are condominium buildings approved by Veteran Affairs for eligible veterans or active-duty service members looking to purchase a condo unit or refinance an existing one.|
|Requirement||The condo building must be part of the VA-approved condo project list; this ensures that eligible loan applicants don’t face unwanted complexities due to the homeowners association (HOA).|
|Approval Time||Average time for a condo to get VA approved is between 15 – 30 days due to the 2-step application process.|
|VA Denial Reasons||The VA could deny a condo development if it has too many tenant-occupied units compared to owner-occupied units, many condo owners are behind on their HOA fees or a single financial entity owns too many units within the development.|
|Buying Process||Buying a condo with a VA loan doesn’t differ much from buying any other home, with the condition that the condo complex must be VA approved.|
|Refinancing Process||Owners of a condo unit in a VA-approved building can also use a VA home loan to refinance their units.|
Comparing Essential Factors Across the Top 5 VA Approved Condos
To make an informed decision in choosing the best condo that aligns with your lifestyle needs, it’s necessary to compare major factors across these VA approved condos.
Location: While all properties are situated strategically, the choice should resonate with your lifestyle and proximity to your regular routes.
Affordability: Affordability isn’t mere second mortgage rates. It involves understanding maintenance, any potential homeowners association costs, and property tax considerations as well.
Resale Value: While ABC Residence, MNO Estates, and EFG Waterfront show promising resale values, potential growth in price trends should also be considered in XYZ Community and BCD Green Living.
Community Features: Examining what each community offers in terms of amenities is critical for lifestyle compatibility.
Navigating the VA Condo Approval Process
Getting a condo VA approved usually isn’t as challenging as many anticipate. The average time to get a condo VA approved is 15 – 30 days According to an update from June 7, 2023, the process generally takes less than a month due to their 2-step application process.
However, to navigate the process efficiently, consider these tips:
Final Thoughts on the VA Approved Condo List 2024
Quality abounds in the VA approved condos of 2024. Amid changing trends and potential shifts in the property market, VA approved condos retain their charm due to the VA’s rigorous vetting process and the unique VA loan benefits extended to qualified veterans and military personnel.
In the showdown of property investments, VA approved condos are well worth the consideration of those eligible. Indeed, the strength of the investment in these properties seems just as solid, if not more so, as the veterans and active service members the VA wants to serve. And remember, in the wise words of Robert Kiyosaki, “Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas”.
It’s your move. Are you ready to roll the dice on these VA approved condos?
Does VA have a condo approval list?
Wow, that’s quite a list of questions you’ve got there! Let’s start from the top then:
Why would a condo not be VA approved?
Absolutely, the VA does maintain a condo approval list. It’s up and running, a quick online search can help you find your dream condo that’s VA-approved without breaking a sweat.
Can I use the VA home loan for a condo?
A condo may not be VA approved for a few reasons. The nuts and bolts of it is that the condo community might not meet the VA’s requirements, such as sufficient insurance or too many rental properties onsite.
How long does it take for VA to approve condo?
You bet! A VA home loan can indeed be used to purchase a condo, provided it meets VA approval guidelines and is on their approved list. Don’t forget to run your checks!
Does VA accept FHA approved condos?
Usually, it takes the VA about 30 days, give or take a few, to process and approve a condo. Of course, this may vary. Patience is indeed a virtue here.
Can you use a VA loan on a non warrantable condo?
Well, here’s the twist. The VA doesn’t automatically accept FHA-approved condos. They march to their own beat and have their own set of approval guidelines.
Why do some homes not accept VA?
Now, using a VA loan on a non-warrantable condo is a hard no-no generally. These condos are deemed risky investments and don’t meet lender criteria to be warrantable.
Does VA verify occupancy?
There could be a series of reasons why some homes don’t accept VA lending, like stringent lending rules or the house not clearing the VA property requirements. It’s a tricky business indeed!
What does it mean for a condo to be VA approved?
Absolutely, the VA does verify occupancy. As one of the requirements, you are expected to occupy the home as your primary residence.
Which property type Cannot be financed by a VA loan?
When a condo is VA-approved, it simply means it’s passed the muster — the VA’s specific set of criteria, and it’s suitable for loan guarantee by the VA. Clear as mud, right?
What is the difference between a condo and a townhouse?
Mobile homes or co-ops cannot be financed by a VA loan. They’re off-limits, so to speak.
Who can live in the house with a VA loan?
A condo and a townhouse differ mainly in ownership. With a condo, you own your unit and share common areas, but with a townhouse, you own the interior and exterior of your unit, all yours!
Does VA condo approval expire?
With a VA loan, permitted residents include the veteran, their spouse, and dependents. Family matters, after all.
How long does VA approval last?
Keep this under your hat, but VA condo approval does not expire. Once approved, always approved!
How quickly is the VA appraisal done?
Same in the vein, as long as you live in the house, the VA approval will last. It’s as enduring as they come.
What does it mean for a condo to be VA approved?
Now, the VA appraisal is done within about 10 days, although it may vary. There’s always a bit of a wait.
How do you see if a condo is Fannie Mae approved?
Just as a reminder, a VA-approved condo means it’s ticked off all the boxes in the VA’s criteria checklist. Easy breezy!
How does the VA verify occupancy?
To check if a condo is Fannie Mae-approved, go online and use their condo project manager tool. All the up-to-date info right at your fingertips!
How do I submit a condo project to the VA for approval?
The VA verifies occupancy through certifications, typically signed at closing, where you confirm the property will be your primary residence. A bit of paperwork, but it’s all kosher.