VA Changes Site Condo Rule

In the past, the VA treated Site Condos like any other condo, requiring the entire project be approved by the VA. This is a lengthy and costly undertaking. On May 24, the VA announced, effective immediately, that it will treat Site Condos in Michigan similar to stick-built homes.

Here are a few details that will help your Veterans.

  • VA will no longer review legal documentation for site condominiums. Lenders will be responsible for ensuring that any site condominium proposed as collateral for a VA-guaranteed loan meet requirements for the state of Michigan.
  • Program participants no longer need to obtain a VA condominium ID or submit condominium association documents into VA for approval of site condominiums.
  • Appraisers are still required to use Fannie Mae forms 1073 for site condominiums and complete the Project Information Section of the condominium appraisal form.

If you have questions about VA’s Site Condo loan changes, reach out to Michigan Mortgage. We’re here to help!

33 replies
  1. Val
    Val says:

    Hey there! Would you mind if I share your blog with my twitter group?
    There’s a lot of people that I think would really enjoy your content.

    Please let me know. Many thanks

    Reply
  2. abnehmpillen
    abnehmpillen says:

    Hey There. I discovered your weblog the use of msn. This is a really smartly written article.
    I’ll be sure to bookmark it and return to read more of your useful information.
    Thanks for the post. I’ll definitely return.

    Reply
  3. talitpas
    talitpas says:

    I just want to say I am very new to blogs and truly savored you’re web site. More than likely I’m likely to bookmark your website . You amazingly come with superb articles and reviews. Regards for sharing your webpage.

    Reply

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *