Update for Site Condominium Properties in Michigan – VA Loans

NOTICE TO ALL CUSTOMERS

As announced by the Department of Veterans Affairs via VA Circular 26-20-36, VA issued a State variance for lenders to follow when the property securing the mortgage is a site condominium located in Michigan. This variance will allow the lender not to require VA condominium approval for the site condominium unit so long certain requirements can be met.

Click below to read the full bulletin.