Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Yes, and nowadays they seem to be paying more and more attention to the condition of the amenities, the clubhouse, the pool, etc. I guess because those condos built in their popular time in the 80s means older amenities and they want to be sure they are acceptable now.
With this type of info on FHA and VA you can check to be sure your condo unit meets requirements. HOWever, first make sure your complex is on the FHA approved list. Depending on place and time, it can take a while to get on the FHA list before the loan would go through.
You would also want to follow...or have your realtor follow...closely the progress of the loan.
We bought with VA never had issues. Everything was on time. We also were prepared and had ALL documentation submitted prior to ever making an offer so if there are any delays because of paperwork I blame the buyer, they weren't prepared or the particular lender representative kept losing documents. Our current house is not VA loan and I had to submit the same darn documents multiple times because the broker couldn't find them. It was ridiculous at times. Luckily we were building and had plenty of time.
My condo is an older rental to condo conversion that took place in 1979.
We have Laverne and Shirley type units on lower level called "Garden Apartments". Meaning they are ranch style units that are around 4 steps down from street. None of the lower level units can ever be FHA eligible.
Windows are hard to get out of. But real egress windows wont ever exist as units are in a flood zone. Building was built in 1960s before flood insurance existed. And flood insurance has a loophole for PRE- FIRM buildings. Pre Flood Insurance Rate Maps they are exempt from current building codes.
And there are a lot of basement condos, Brooklyn, Boston and Chicago have them and none meet current building codes.
Which means in a 100% total from fire or flood the building dept may not allow it to be rebuilt at all. So no one wants to mortgage it. Personally they are scary. In the blizzard last week snow was over their windows and most rooms were pitch black.
I purchased my house with an FHA loan. It was a HUD foreclosure and I was still able to close in under 6 weeks.
I work on refi loans and the process is not any slower with FHA or VA versus conventional mortgages. I know things in purchase can be different, but if the buyer is pre-approved, I really can't see how it will slow things up that much.
I sold my house this month to buyers with a VA loan using USAA. The inspection went fine, but the appraisal came in low by $2000. We had to rearrange the numbers some so that we paid less in closing costs to make up for the lower purchase price for their 100% financing to go through. The bank couldn't get their stuff together in time for closing and delayed closing several times. They were non-communicative to the lawyer trying to prepare for closing. Eventually we closed about 12 days late. Both realtors were very frustrated with the bank. So maybe the issues were more with USAA than that it was a VA loan specifically.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
