Site Condos – The Good, The Bad and The Ugly | Blog: marketed by ~ Veterans Helping Veterans~  AZVHV  _ Bill Salvatore / 602-999-0952 email:    AZvhv@cox.net    Realty Executives East Valley…. Reposted with disclosure by Christine Stalsonburg.

Several years ago, FHA changed the way that they view Site  Condos as the relate to lending.  Unfortunately, the VA has not changed  their point of view.  The VA treats Site Condos just the same way that  they do traditional condo projects.  For all intents and purposes, Site  Condos are no more than a single family home with a Home Owners  Association and some common areas.  NOTHING at all like a traditional  condo project.  Recently I have run into challenges with getting Site  Condo developments approved through the VA.  They have a list of 27  items that are required to send in for the approval of the project and  the buyers loan.  However, there are many other things that they look  for that is not printed ANYWHERE in their guidelines.  Fortunately, I  have a fabulous lender that knows VA front, back and sideways and we  were able to get my buyers into other loan products so they could still  close on their home.  My lender and I have started the paperwork trail  to try to get the VA to change the way that they view Site Condos and to follow the same FHA guidelines for lending on these homes.  Common  sense seems to not be something that they understand there, so it is  literally taking an act of Congress to get this looked  at.  Meantime, out service men and women are the ones who are having to  pay the price.  I realize that in many parts of the country, Site Condos are not an issue.  In Northern Michigan, they are a huge part of our  community and they are an issue to our military personnel when they try  to use the benefits that they so rightfully deserve.

I would love to know if anyone else out there is having any  challenges with VA lending as it relates to Site Condos.  Buyers beware, make sure you are represented by someone who is very educated in the  entire VA lending process before you start down that road to use your VA loan benefits.

In the meantime, I am trying my hardest to make enough noise  to get our Government to take a look at this silly rule they have and  change it.

Thank you to all of our service men and women who are  currently serving and to all of those who have served our country.  I  truly appreciate your service.

About the author:  http://heroeshomeadvantagemi.davegi.com/post.html?post=4

~Veterans helping Veterans~

           AZVHV                      Direct: 602-999-0952             ~ email: AZvhv@cox.net

Along the way, each of the participants in this program has been helped by another military member or veteran. We’ve never forgotten that person or the time we were in need. Though our gratitude was expressed, we feel that we owe more than just thanks, we owe action. Each of us involved in Veterans Helping Veterans is now in a position to give back. This site is our vehicle, and your resource.

Our ultimate mission is to help ALL veterans find somewhere to live, then make it a real home. A lofty goal I know, but if we never stop trying who can say that we never hit our target? For now we’ll start with you. Let us know what you’re looking for and how we can help.