Eric is an eligible Veteran who wants to buy a condominium unit using VA financing. The unit is in a project that has not been approved by the VA. What is the key financing issue?
Correct Answer
D) VA financing may not be available until the condo project is VA-approved
VA guidance explains that a borrower can use a VA-backed purchase loan to buy a condo only if it is in a VA-approved project. Eric's personal eligibility alone is not enough if the project itself lacks the required approval.
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