Getting Lake Properties Approved for Financing

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.

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Why 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!

Why Should You Hire a Local Lender in Lake Ozark?

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Today, our guest Michael Lasson from First State Bank Mortgage will tell you about the advantages of having a local lender. He will also go over common challenges you may face today when getting a loan. 

First of all, the Lake Ozark area has a particularly unique market right now. Local lenders understand the market. They have contacts in place to help make your transaction smooth. 

Another reason a local lender is important is an out-of-town lender will not have a full understanding of condominium financing. Michael handles this every day. The condo market is different from condos in bigger cities because this is a resort area. There aren’t many full-time condominium owners here; they’re mostly part-time, so the rules are a little different.

Not only that, local lenders like Michael have experience working with local businesses to expedite the process. They know insurance people who can make your transaction go smoothly, as well as appraisers who make sure we’re following the regulations set by Fannie Mae or Freddie Mac. 

Boat docks also come into play during the transaction, and these can be tricky. In a standard home loan transaction, Michael is able to include the boat dock into the transaction so a value doesn’t have to be assigned to the boat dock. If you’re getting a condo, lenders are not allowed to give value to the boat slip because it’s usually owned by the association. There is a value with the boat slip as you make the purchase. An out-of-town lender won’t know how to navigate this kind of transaction. 

If you would like to get a pre-approval, you can start one with Michael by going to www.yourlakeloan.com. Michael can close a loan in an average of 32 to 35 days. If you have any other questions for him, give him a call at (573) 746-7211 or email him at MLasson@FSBFinancial.com.

As always, if you have any real estate questions, give us a call or send us an email. We would be happy to help you!