How to Figure out if an Orange County, CA Condo is Approved for VA Financing

September 12, 2009 by

VA eligible home buyers in Orange County, CA who are wanting to purchase a Condo, need to check to make sure the Condo is approved for VA financing before making an offer. It is actually a fairly easy process.

The Veteran Administration has a link for checking on Orange County, CA approved condo projects (or condo’s located anywhere in the US.)

Once at the site click on Condo/PUD Reports.  Once on the search screen there are a few ways to look up approved condo’s. If you have the name of a particular condo, type it in. You may need to try a few different variations. If the project is approved, it will appear once the “submit” button is clicked.

Check on all VA Approved Projects at once for Orange County, CA

It can be frustrating for Orange County, CA VA home buyers to first find a condo and then find out it is not approved for VA financing. The percentage of VA approved condo’s in Orange County, as compared to the total number of condo’s in Orange County, is very small. The better way for an Orange County VA home buyer is to decide what cities they are interested in. By going to the VA website, you will be able to narrow down your search by pulling a list of  all of the approved condo’s within a particular city.

Example of VA Approved Condo Projects in Lake Forest, CA

By entering the city of Lake Forest onto the search site, the following list quickly comes up. With this list a Realtor will be able to quickly look up properties for sale within these specific condo complexes that are eligible for 100% financing with a VA loan.

  • CAREFREE EL TORO HOA
  • CEDAR GLENN
  • LE PARC
  • PHEASANT CREEK
  • VISTA DEL FLORES
  • WHISPERING HILL

It is important to get PreApproved for a VA loan before beginning the home search, but once PreApproved, if you plan to look at condo’s make sure you are looking at approved condo’s first.

Authored by Tim Storm, an Orange County, CA Loan Officer MLO 223456– Please contact my office at Emery Financial Group for more information about an Orange County, CA home loan.  877-786-4243 x 7.

www.OCFHALoans.com

Contact us for your Orange County VA Mortgage:

Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.

877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com

 

Filed Under: VA Purchase Loans, VA Refinance Loans

Trackbacks

  1. VA Loans are Gaining Popularity in Orange County, CA : Orange County Mortgage Blog says:
    September 13, 2009 at 9:48 pm

    […] ****Updated September 13, 2009.   Effective October 1, 2009, FHA will require a full project approval prior to funding an FHA loan on a condo project. The list which HUD has maintained is going to be “erased”. The good news here is that VA has their own list. VA will be just about the only way for a home buyer to purchase a condo in Orange County, CA with anything less than 20% down. Orange County, CA VA buyers first need to check the VA condo approval list. […]

  2. VA Home Loans Remain Unchanged for Orange County Borrowers | Orange County, CA VA Home Loan Blog says:
    March 16, 2010 at 11:16 pm

    […] FHA and Fannie Mae recently tightened their guidelines for financing on condominiums. FHA, which has an extensive approved condo list in Orange County, recently started requiring that projects on the list be “recertified”, a costly and time consuming process. Also, projects that were not previously on the list will need to go through a full review and approval process, which will take even more time and more cost. Plus, there is no guaranty that a project will be financeable. Even Fannie Mae is requiring a much more thorough look at condo projects. Each lender has their own approved condo list for Conventional loans, making lending on condo’s very tricky. VA is the only program that continues to have a valid project approval list. This is a big advantage for Orange County VA home home buyers interested in a condo. If they specifically look at VA approved condo projects, they will have an advantage over FHA and Fannie Mae home buyers. The key is to know how to find Orange County condo projects on the VA approved list. […]

  3. Orange County Home Buyers Eligible for VA Financing Have Big Advantage Purchasing Condo's | Orange County, CA VA Home Loan Blog says:
    March 16, 2010 at 11:18 pm

    […] is where the qualified VA buyer steps in. If the condo project is on the VA Condo Approval List, no “extra” approval is necessary, and no “recertification” is required. Up […]

  4. Orange County, CA FHA Condominium Spot Approvals | FHA Mortgage Blog says:
    March 18, 2010 at 11:16 am

    […] For Orange County, CA VA home buyers, they should also check out the VA Condo approval list […]

  5. VA Loans are Gaining Popularity in Orange County, CA | Real Estate Industry Blog says:
    October 3, 2010 at 4:55 pm

    […] ****Updated September 13, 2009.   Effective October 1, 2009, FHA will require a full project approval prior to funding an FHA loan on a condo project. The list which HUD has maintained is going to be “erased”. The good news here is that VA has their own list. VA will be just about the only way for a home buyer to purchase a condo in Orange County, CA with anything less than 20% down. Orange County, CA VA buyers first need to check the VA condo approval list. […]