By: Tracy N. Danner-Bond
One out of every 11 citizens in Michigan is a veteran and may receive benefits from the U.S. Department of Veterans Affairs (VA) VA Certification. The VA may help service-members, veterans, and certain qualified surviving spouses of service-members and veterans become homeowners through a home loan guarantee benefit whereby the VA guarantees a portion of the loan. While this benefit is virtually automatic for anyone who has served in the military (including reservists and Guard members), loan approval still requires the buyer to be approved under lender criteria. Generally speaking, this means that the buyer must have the same minimum credit score as a buyer under an FHA loan program.
The goal of the VA loan program is to help protect the interests of veterans and the Government by ensuring that all properties located in a common interest community (such as a condominium project) meet VA regulatory requirements. Meeting this goal as efficiently and cost effectively as possible serves the best interests of all program participants involved. To that end, the VA has promulgated regulations and requirements for certification of condominium communities. Continue reading