Department of Veterans Affairs (VA)

As a debt of gratitude to our veterans of the armed forces, the United States government offers mortgage guarantees for honorably discharged veterans. VA backed mortgages provide up to 100% financing, have more liberal credit standards, and have reduced credit score requirements. The VA requires a condo community to be approved prior to the guaranteeing of any VA loan.

The VA does not do "spot approvals" and no longer automatically accepts any HUD/FHA/USDA project approved after 12/7/09. The application checklist requires up to 27 items depending on whether the submission is for pre-construction approval, new construction approval, or an existing complex's approval. Generally the requirements are less restrictive than the FHA's. The VA does not charge for the review nor the approval which generally takes about 60 days. There is no re-certification requirement once a community is approved.

Our fee to submit a new VA application is $1,500 when done alone, and an additional $1,000 when combined with an FHA application.