VA Condo Approval Checklist
VA Condo Approval Checklist
General Items
- Review the condo association's history and reputation
- Ensure compliance with VA occupancy requirements (typically 51% owner-occupied)
Eligibility Criteria
- Confirm the condo is located in an eligible VA-approved area
- Check if the condo is on the VA's approved condo list
- Ensure the condo meets VA minimum property requirements (MPRs)
Documentation Required
- Obtain the condo association's bylaws and rules
- Gather the condo association's financial statements
- Request the condo association's budget and reserve fund details
- Collect information on the number of owner-occupied units versus rentals
- Get a copy of the Master Insurance Policy for the condo
Application Process
- Complete the VA loan application form (VA Form 26-1802a)
- Submit the required documentation to the lender
- Provide proof of the applicant's eligibility for a VA loan
- Ensure all fees and dues are up to date with the condo association
Post-Submission Steps
- Follow up with the lender for application status
- Prepare for any required inspections or appraisals
- Review the loan estimate and closing disclosure documents once received
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