Buy a Condo with a VA Loan

Buy a Condo with a VA Loan

Condominiums have certain perks and features that home buyers may prefer when looking for a new home. Military members and veterans might be happy to hear that they can use their VA entitlement to purchase a condo as long as the property is approved by the VA. This means you can have all the benefits of a more simple application, as well as zero down and low monthly mortgage payments.

VA Condo Loan Approval

There are many advantages to purchasing a condominium. Condos often have facilities such as pools, gyms, clubhouses, and many other community features. Many homeowners enjoy the proximity of the homes, as it can give them a feeling of safety. Besides that, the homeowners are not responsible for landscaping and certain home repairs. The US Department of Veterans Affairs keeps a database of approved condominiums on their website for reference. Your loan originator agent will help you find out which condominiums meet the VA’s guidelines to receive funding. General qualifications include:

  • 50% or more of the building units must be occupied by their owners.
  • No more that 15% of the owners can be behind on HOA fees.
  • For newly constructed condominiums, 75% of the homes should be sold before the VA will approve a loan.

The extra eligibility requirements of a condo might take a little bit of research, but the benefits may be worth the effort.

Buying a Condo with a VA Loan

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