Miscellaneous
Getting a VA loan on a lake property is hard because the process you must go through to get the project approved is quite intensive. There is, however, an upside to this.Looking to buy in Lake Ozark? Get a full Home Search Looking to sell in Lake Ozark? Get a free Home Price EvaluationWhy is it so hard to get a VA loan on some lake properties, especially condos?According to Tom Spradling, our local mortgage officer, there is a process you must go through to get the project approved, and it’s quite intensive. What normally happens is that either the management company of the Homeowners Association or the Homeowners Association itself will have to fill out and complete an entire questionnaire that will be reviewed. Once that’s approved, the project will be approved for VA financing.The process you must go through is quite intensive. One of the good things about VA approval on a project is that the project’s approval does not expire. So, condo projects can be approved and loans can be made using VA financing on condos here at the Lake of the Ozarks, but it’s hard sometimes because the process is stringent. If you have any questions, please keep them coming. Give me a call or send me an email and I’d be happy to help you in any way I can!