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Lenders Changing VA Condo Guidelines
January 7th, 2010 10:54 AM

Some Lenders are implementing new requirements for approvals on condo projects. Ones that are approved will remain so as long as they are in good standing....

VA CONDOMINIUM APPROVAL Effective December 7, 2009, VA will no longer accept HUD/FHA condominium project approvals in lieu of a VA project approval. HUD/FHA condominium project approvals previously accepted by VA will remain on VA’s approved project list.

VA condominium approval procedures and a list of required documents are contained in Chapter 16 of the VA Lender’s Guide. For additional information, refer to VA circular 26-09-19 – Rescission of VA Acceptance of HUD/FHA Condominium Approvals 

Make sure to check with your lender / mortgage broker or real estate agent as this is vital in knowing if the condo you are buying is HUD/VA approved.

Posted by David Haley on January 7th, 2010 10:54 AMPost a Comment (0)
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