Many veterans in California purchase properties which are classified as condominiums.\u00a0 Some are large complexes, with professional HOA management, some are small complexes (under 6 units) with no monthly HOA fee and an informal cost-sharing agreement, and some are townhomes.\u00a0 All share on thing in common–they are listed on the county records as a condominium.\u00a0 This, the VA loan can not be funded until the condominium complex is approved.<\/p>\n
The Southern California market has shifted, seemingly overnight from a buyer’s market to a seller’s market.\u00a0 Many listing agents are presenting multiple offers to sellers.\u00a0 Sadly, sellers leave some money on the table because the best offer is one using a VA home loan.\u00a0 The sellers believe that the VA home loan can not be used because the condominium complex does not have a VA approval.<\/p>\n
Buyer’s agents jobs then, are to present the VA offer with an eye towards minimizing the risk associated with it.<\/strong><\/p>\n First, the buyer’s agent would do well to present documentation which demonstrates that the veteran is a strong buyer.\u00a0 Some successful agents go so far to present my automated underwriting findings along with asset and income documentation (with the veteran’s permission, of course).\u00a0 Demonstrating that the veteran has the credit, income, and asset requirements, to be approved for the loan amount, shows that the veteran is “bankable”.<\/p>\n Second, the buyer’s agent might address the three common concerns, sellers have with VA loans<\/a> in the cover letter.\u00a0 The cover letter should highlight that the veteran earned<\/em> <\/strong>the no-down payment loan as compensation for his or her service to our country.\u00a0 I sometimes call this “wrapping the offer in the flag” and the buyer’s agent should not be shy about doing it.\u00a0 If the veteran served overseas, highlight it. If the veteran earned a distinctive award, highlight it.<\/p>\n The buyer’s agent should be clear about whether the seller is being asked to pay for the VA non-allowable costs<\/a> and specify the dollar amount.\u00a0 If the offer does not include seller-paid costs, the letter should state who is paying for those costs (usually the lender) and reference the section in the offer which states Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Many veterans in California purchase properties which are classified as condominiums.\u00a0 Some are large complexes, with professional HOA management, some are small complexes (under 6 units) with no monthly HOA fee and an informal cost-sharing agreement, and some are townhomes.\u00a0 All share on thing in common–they are listed on the county records as a condominium.\u00a0 […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[],"class_list":{"0":"post-16310","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":7456,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7456\/bloodhoundblog-radio-va-home-loan-tutorial-for-california-realtors\/","url_meta":{"origin":16310,"position":0},"title":"BloodhoundBlog Radio: VA Home Loan Tutorial For California REALTORS","author":"Brian Brady","date":"March 11, 2009","format":false,"excerpt":"I recorded this webinar on March 11, 2009. The AUDIO IS HERE and will open in a new window.\u00a0 Listen along and click through the links as I discuss them: The zero-down loan limits for California counties How a purchase price, above the VA loan limit, might not require a\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11194,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11194\/cant-find-a-nut-search-in-a-nut-house\/","url_meta":{"origin":16310,"position":1},"title":"Can’t Find A Nut? Search In A Nut House","author":"Brian Brady","date":"February 6, 2010","format":false,"excerpt":"Mortgage squirrels, searching for some nuts, during what I believe could be a long winter, might consider this idea: There should be a lot of listings hitting the market when the shadow inventory eventually gets released.\u00a0 Banks are not very attentive sellers inasmuch as they care less about condition and\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9832,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9832\/va-condominium-complex-approvals-navigating-the-maze-of-paperwork\/","url_meta":{"origin":16310,"position":2},"title":"VA Condominium Complex Approvals: Navigating the Maze of Paperwork","author":"Brian Brady","date":"December 17, 2009","format":false,"excerpt":"We helped to secure a lot of VA condominium complex approvals in 2009. \u00a0\u00a0 The VA Regional Home Loan Center-Phoenix is one of the best government agencies with whom I've had the pleasure to work.\u00a0 The folks working there are professional and committed.\u00a0 It helps that they know that we\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11762,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11762\/fha-va-tip-the-amendatory-clause\/","url_meta":{"origin":16310,"position":3},"title":"FHA\/ VA Tip: The Amendatory Clause","author":"Brian Brady","date":"April 13, 2010","format":false,"excerpt":"Here's a tip for real estate agents, when presenting an offer with FHA\u00a0 or VA financing; include the FHA\/VA Amendatory Clause to the Purchase Contract as part of the offer.\u00a0\u00a0 You'll save you, the seller's agent, the escrow company, the lender, and most importantly your buyer, a lot of last\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16485,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16485\/getting-a-san-diego-condo-va-approved-adds-value-to-service-members\/","url_meta":{"origin":16310,"position":4},"title":"Getting a San Diego Condo VA-Approved Adds Value To Service Members","author":"Brian Brady","date":"August 25, 2014","format":false,"excerpt":"Debra Brady and I are experts at VA-financing.\u00a0 One of the things we do very well is secure a VA condo complex approval for condominiums which aren't agency approved.\u00a0 Some comments from a recent YELP review: I started the home buying process while still on deployment, and Brian graciously worked\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9325,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9325\/va-jumbo-mortgages-determining-the-down-payment\/","url_meta":{"origin":16310,"position":5},"title":"VA Jumbo Mortgages: Determining The Down Payment","author":"Brian Brady","date":"July 28, 2009","format":false,"excerpt":"Sean Purcell and I are really figuring VA-guaranteed\u00a0 jumbo loans.\u00a0 We're getting a steady stream of business from high-cost California counties.\u00a0 One of the common misconceptions is that VA loans are capped at the county loan limit, like FHA and conventional mortgages.\u00a0 I'm going to walk you through the formula\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/16310","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=16310"}],"version-history":[{"count":3,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/16310\/revisions"}],"predecessor-version":[{"id":16313,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/16310\/revisions\/16313"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=16310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=16310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=16310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}