{"id":9832,"date":"2009-12-17T23:16:06","date_gmt":"2009-12-18T06:16:06","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=9832"},"modified":"2010-12-08T17:20:10","modified_gmt":"2010-12-09T00:20:10","slug":"va-condominium-complex-approvals-navigating-the-maze-of-paperwork","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9832\/va-condominium-complex-approvals-navigating-the-maze-of-paperwork\/","title":{"rendered":"VA Condominium Complex Approvals: Navigating the Maze of Paperwork"},"content":{"rendered":"

We helped to secure a lot of VA condominium complex approvals in 2009. \u00a0\u00a0 The VA Regional Home Loan Center-Phoenix<\/a> 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 do our homework prior to submission for a condominium complex approval.<\/p>\n

Sometimes, the system breaks down.<\/strong> My goal today is to explain how better to manage the process, for all parties involved.<\/p>\n

The key component to the VA condominium complex approval is the Attorney’s Opinion Letter.\u00a0 Essentially, the VA relies on the expertise of an independent attorney to evaluate the condominium documents and offer an opinion as to whether or not those documents comply with the VA regulations.\u00a0 An attorney opinion letter is NOT a requirement for the submission package but attempting this without one is not recommended.\u00a0 While it adds another layer of cost to the approval process, the result is a greatly reduced examination time at the VA.<\/p>\n

The document checklist is available in Chapter 16 of the VA Lender’s Handbook<\/a>.\u00a0 Specifically, the table of required documents is available on page 16A.03.\u00a0\u00a0\u00a0 I suggest that the loan originator AND both real estate agents AND the escrow officer review this table as soon as an agreement of sale is executed.\u00a0 At first glance, the list appears to be ominous (lots of dead trees).\u00a0 Upon more careful scrutiny, it is plain to see that only 5-6 documents are required; the other 20 or so are only required IF AVAILABLE.\u00a0 The VA condominium complex requirements then are almost identical to what would be required for an FHA or conventional loan.<\/strong><\/p>\n

Still, the required documents are the required documents.\u00a0 Failure to provide those documents can result in lengthy delays.\u00a0 The reason is not because of the process, it is because of “trust”.\u00a0 The VA trusts the attorney to properly vet those documents, the attorney trusts the lender to properly organize those documents, and the lender trusts the escrow officer and title officer to properly provide those documents in an expeditious manner.<\/p>\n

Simply put, if you show that “you Read more<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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 do our homework prior to […]<\/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":[26,5],"tags":[],"class_list":{"0":"post-9832","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"category-real-estate","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":16310,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16310\/if-the-condominum-is-not-va-approved-how-do-i-get-a-va-home-loan-offer-accepted\/","url_meta":{"origin":9832,"position":0},"title":"If the condominum is not VA-approved, how do I get a VA home loan offer accepted?","author":"Brian Brady","date":"April 4, 2013","format":false,"excerpt":"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\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":9832,"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":7456,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7456\/bloodhoundblog-radio-va-home-loan-tutorial-for-california-realtors\/","url_meta":{"origin":9832,"position":2},"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":3324,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3324\/musical-chairs-you-can-buy-a-home-on-leased-land-for-a-bargain-price-but-you-must-be-prepared-to-sell-before-the-music-stops\/","url_meta":{"origin":9832,"position":3},"title":"Musical chairs: You can buy a home on leased land for a bargain price, but you must be prepared to sell before the music stops","author":"Greg Swann","date":"July 5, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0Musical chairs: You can buy a home on leased land for a bargain price, but you must be prepared to sell before the music stops We're preparing to list a condominium that sits on leased land. Land\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/18\/here-come-the-condo-conversions\/","url_meta":{"origin":9832,"position":4},"title":"Here come the condo conversions…","author":"Odysseus","date":"December 2, 2005","format":false,"excerpt":"The West Valley sections of the Arizona Republic ran this story on the expected surge in apartment-to-condominium conversions on the same day they ran my column predicting just that outcome. They said:Condominium conversions are happening all over the Valley, with new projects in Glendale, Phoenix, Chandler and Scottsdale. Real-estate brokerage\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/6\/is-that-so\/","url_meta":{"origin":9832,"position":5},"title":"Is that so…?","author":"Odysseus","date":"November 12, 2005","format":false,"excerpt":"\"I love the dynamics of the population growth the area has,\" he said. \"There's a lot of immigration from California, a lot of immigration from snowbird areas. Not everyone wants to be in the single-family life.\"So says Hosein Fateh about a condominium community he has planned for Gilbert. No projected\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/9832","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=9832"}],"version-history":[{"count":4,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/9832\/revisions"}],"predecessor-version":[{"id":13773,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/9832\/revisions\/13773"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=9832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=9832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=9832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}