VA Approved List
Just remember some lenders will allow a condo to be purchased by a non-active military member even if it is not VA approved. This is much easier if it once had approval but then lost it at one time.
Make sure your client knows the HOA fees before writing your offer.
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FHA Approved List
The number one reason an FHA condo looses its approval is too many investers in the building. This can change at any time, so you want to always check the approved list and not look at the last listing or believe the agent.
Do your due dilligence!
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AHFC Approved List
Not all lenders have the ability to offer AHFC. Keep in mind that some AHFC loans may take longer as well. They may also have a downpayment assistance program.
To view a list of AHFC Resources:
Visit Here
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Common VA Terms
BAH
A service member when still in active military status will receive a basica allowance for housing. This will vary depending on their rank and their dependants.
To search up what their BAH (you will need to know their rank) will be in Alaska, go to: BAH Calculator.
LES
An LES is commonly asked for by lenders because it describes the service member's pay. The leave and earnings statement is widesly used to pre-approve someone who will be getting a new assignment in a new state.
The lender will be the one requesting this from the service member.
DD214
DD214 is an elegibility form that states whether the service member has the benefit of using the VA loan. An
If your service member is unure where to request their DD214, they can go here:
Request Military Records.
The lender will be the one requesting this document.
COLA
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