Did you know you could purchase a condo unit with a VA home loan? VA loans are a great home financing option since they don’t require a down payment and have lower interest rates than other mortgage products. So if you qualify for a VA home loan, purchasing a condo would be a fantastic choice.
The only thing left is to determine whether the condo is eligible for purchase by a VA loan. Read on to find out what we mean.
The first thing to do is start getting familiar with the VA’s rules and regulations on condo qualifications. Doing some research ahead of time will help you rule out specific properties from the get-go, so you don’t waste your time on a condo that doesn’t qualify in the first place.
The VA’s objective is to protect the interests of veterans. Some qualification criteria are practical, such as the common areas are well taken care of by HOA fees.
Other criteria have to do with how much authority the HOA has over things like when you can sell the condo. This is called “Right of Refusal,” and it allows the HOA to purchase your condo before a private buyer has the opportunity --an undesirable power that you want the HOA to have over your property.
The government has an online website where you can request the VA to give you a customized condominium report for the property you want to purchase. They’ll evaluate the condo for you and let you know if it passed their inspection.
If you are currently working with an experienced real estate agent, they will most likely research on your behalf. This step will make it easier for buyers, regardless of who searches.
Borrowers can request HOA to apply for VA approval. The approval process may last for months because it’s complicated and involves a lot of paperwork, so consider that when condo shopping.
There may be an opportunity to expedite the process by working with a mortgage professional that is familiar with the approval process. However, that is not a guarantee.
Condo developments are a good buy since they are often found in desirable living spots and are more affordable than single-family homes. You're good to go as long as the VA approves the condo unit you're eyeing.
If you’re ready to buy a condo with a VA loan, let our loan officers assist you with pre-approval.
We've been helping homowners understand the smartest way to finance their homes since 1998. And we love doing it!
Personal NMLS: 326032
Company NMLS: 2003179
19776 Waterview Ln.
Huntington Beach, CA 92648
Phone: (714) 743-9909
Gregg Knight, Inc. strives to ensure that its services are accessible to people with disabilities. Gregg Knight, Inc. has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.
Gregg Knight, Inc. makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server. The software allows greggknight.com to improve its compliance with the Web Content Accessibility Guidelines (WCAG 2.1).
Gregg Knight, Inc. accessibility menu can be enabled by clicking the accessibility menu icon that appears on the corner on the page. After triggering the accessibility menu, please wait a moment for the accessibility menu to load in its entirety.
Gregg Knight, Inc. continues its efforts to constantly improve the accessibility of its site and services in the belief that it is our collective moral obligation to allow seamless, accessible and unhindered use also for those of us with disabilities.
Despite our efforts to make all pages and content on Gregg Knight, Inc. website fully accessible, some content may not have yet been fully adapted to the strictest accessibility standards. This may be a result of not having found or identified the most appropriate technological solution.
If you are experiencing difficulty with any content on Gregg Knight, Inc. website or require assistance with any part of our site, please contact us during normal business hours as detailed below and we will be happy to assist.
If you wish to report an accessibility issue, have any questions or need assistance, please contact us by sending an email to: email@example.com