The North Carolina VA Loan Approved Condominium List And Homeowner Association Approval Process:
Thank you for your Service! In North Carolina we are fortunate to have so many bases, and with them – thousands of Service Members. VA Home Loans are one of our favorite Mortgage Programs, not because they are easy to do, they are not, but because it is a way for us to give back to the men and women that have bravely served or country. It surprises us that many Veterans “neglect” to tell their loan officer that they served – because this is one of the best benefits you keep from your Service!
Many of the younger Veterans have limited income, as most younger Borrowers do, so they often start off purchasing a condominium as their first property. Additionally, the renewed interest by First Time Homebuyers to live in a more “walkable” urban area means that condos in NC are a very good investment. This means that in order for a Veteran to be able to use their Veterans Eligibility Benefit towards the purchase of a condo, the condo needs to be on the VA Approved Condo List, just like condo’s have to be on a FHA Approved Condo List for folks who want to purchase a condo in Charlotte, Raleigh or Wilmington with a FHA Mortgage.
While Realtors that work with Veteran’s on a regular bases are aware of this, most other Realtors as well as some Loan Originators are not. The VA and FHA Approved Condo Eligibility Program was historically very similar in North Carolina. However, the approved Condo project list in NC for VA Loans looks very different from the approved projects on the FHA List. FHA changed the guidelines in 2010 for condo project approval in NC, and they now must re-certify that they meet the guidelines every two years. After 2011, many condo projects in NC never submitted their updated paperwork.
However, VA does not have the same requirement for condos to be re-certified every two years. Once a condo is on the VA Approved Condo List it does not have to be certified again. Presently there are several condos on the VA Approved Condo List that are not on the FHA Approved Condo List. To compare the two lists for your area simply click on the two links below.
- VA Approved Condo List: https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch
- FHA Approved Condo List: https://entp.hud.gov/idapp/html/condlook.cfm
NOTE: When looking up a VA Condo, DO NOT fill in the County)
If the a Condominium Complex is not on the VA List, it can be added by going through a similar certification like FHA. Why would you want to do this? Because having a project approved could make it easier to sell your home! Here’s the checklist of documents needed for Condominium Approval through the VA. Keep in mind that this certification process adds to the Underwriting time, sometimes as much as 3 weeks:
Remember that there are some closing costs that Veterans are not going to pay in NC, again we can work with you and your Real Estate Agent to negotiate the best fees, and which ones a Seller can help you pay!
Programs available to you! Did you know that it might be to your advantage to make a Down Payment on a VA loan? Call us about VA Condo Approvals in North Carolina and VA Mortgage Loans! Steve Thorne, NC Mortgage Experts 919-649-5058 Or, connect with us on Facebook!