Condo Not on VA Approved list

[ROBERT JONES]

Rec'd an order that had a condo ID number that matches the condo's name. But there are 2 similar named projects in the same county but in different towns. The subject's project is not on the VA approved condo list. The guidebook says to not appraise the property if it is unlikely that the project can be approved - this is a 10 yr old upper end golf course condo. I have alerted the POC - can any VA pro's give some advice.

Thanks

 

[Don Clark]

Rec'd an order that had a condo ID number that matches the condo's name. But there are 2 similar named projects in the same county but in different towns. The subject's project is not on the VA approved condo list. The guidebook says to not appraise the property if it is unlikely that the project can be approved - this is a 10 yr old upper end golf course condo. I have alerted the POC - can any VA pro's give some advice.

Thanks

Robert,

I would check with your regional office. But, I do not believe that VA requires that a Condo be on an approved list any longer. I never check that. I leave that up to the SAR and the region.

 

[Dave Fitch]

Run the appraisal, that's your job. Let someone else determine if the loan qualifies or not, that's their job.

 

[ROBERT JONES]

FYI for future ref. -
I spoke to the SAR. It is an issue that only needs to be identified by the appraiser. It will be the lender's job to take care of obtaining a project approval.