Profile picture for AnthonyVaccariello

Are there negative connotations associated with VA loans?

When I first learned about the VA loan benefits I thought that it was too good to be true. Seems like I'm right.

I first went to purchase a condominium with a VA loan to find that the complex was not VA approved 2 days before closing. I ended up taking a FHA loan when the lender took responsibility and paid the closing costs for me.(Which they didn't have to, but it was a very respectable move.)

Now I'm looking for another condominium since I am now family minded. I need more square footage and less location.

Now that I'm looking for contemporary and new (less than 10 years) condominiums, I'm running into the issue that none of them are VA approved.

Are the costs for the association to be VA approved not worth it? Is there something I don't know about the connotations of VA loan users?

I'm frustrated and disappointed, please help.



  • August 10 2012 - Cincinnati
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Answers (4)

Profile picture for Cindy Quinton

I would look very closely at what Wayne is saying, and explore if a single family home is a better long term option for you and your family. At least check it out.

  • August 10 2012
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Profile picture for Janna Piper
Anthony, VA is awesome! I've had great success closing VA loans for my buyers. As long as you are represented by an agent who knows how to market your offer(s) to the listing agents (not all listing agents are familiar with VA).. you'll be fine! VA is is great program, and I suggest you take full advantage if you qualify. Good luck!
  • August 10 2012
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Condominum loans pose a greater risk to lenders, so the requirements for approval is rigid. FHA now requires the condo approval be renewed every 2 yrs., and all past FHA condo approvals expired last year. VA use to accept FHA approvals but not anymore. Getting FHA ,VA, or conventional approval is a laborious process, and there are very Agents, lenders, or HOA's that are willing to do all of the work/documentation to submit for approval.
All of the work does not mean condo will meet the approval guidelines.
Selling a condo can be difficult because of lack of loan options, and re sale value typically suffers accordingly.
I would suggest you locate a Realtor in your local area that has 4-5 yrs + specializing in condo sales . They would know the in's and outs of virtually all of the condo's in their marketing area, and would be able to discuss possibiltiy of financing options on each one. It could be possible to get VA approval on a community if all aspects of condo assoc meets VA guidelines, or learn why it would not be possible. Hopefully, you will learn your options and determine if a condo is feasible or if a TH or single family home would be a better option including higher resale potential.   Thanks for your service and good luck.
  • August 10 2012
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Anthony,  I'm prior service as you and though I have not used a VA loan, I only didn't because Navy Federal had a VA look alike loan when I purchased my home that ended up being a little better fit for me then the VA Loan at the time was.  I've known people to use VA loans and had no issue.  I'm unsure about the approval for condos, its possible that they dont' approve condos but you'd have to research that or contact someone who specializes in a VA Loan I suppose.  
Thanks for your service!
Semper Fi!
  • August 10 2012
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