Buying a Condo with a VA Loan

See the unique requirements for condominiums

Condominiums have certain amenities that may be more appropriate or attractive to those looking to purchase a new home. Military members may be happy to hear they can apply their VA loan benefits to condominiums as long as the property meets certain criteria.

That means you can still get the benefits of a less vigorous application process that will have you owning a property with $0 down and lower monthly payments.

How do I Know Which Condos are Acceptable?

You can enter your prospective condo information into the US Department of Veteran Affairs database of VA approved condominiums or you can contact a VA lender for more information.

What Qualifies a Condo for a VA Loan?

Basic qualifications include:

• Fifty percent or more of the building units must be owner-occupied
• No more than 15 percent of owners can be behind in Homeowners Association (HOA) fees
• If condos are to be newly constructed, 75 percent of the units must be sold prior to allowing VA loans

Is a Condo Worth the Extra Effort?

Those that purchase condominiums find they come with many perks. They often come with amenities such as a pool, a gym, clubhouses and other community features. The feeling of safety may resemble a military base in regards to having potential gates, security guards and close proximity to other residents. Not only that, but outdoor maintenance is not your responsibility and some indoor repairs may be covered as well.

The extra eligibility requirements of a condo may take a bit of research, but the bonuses you receive paired with VA loan benefits may be worth your while. .

How do I Get a Loan?

Because each loan has different qualifying standards, you should contact a VA loan expert by starting the short form below, to discuss eligibility and get pre-qualified for a loan. VA Mortgage Center is more than willing to address any questions or concerns you may have. By contacting a specialist, you can discuss your options without any obligation so get started today.

By simply starting the request, you are not obligated in any way and your credit will not be pulled as a result of filling out the form on our website. You are simply asking for more information. Your contact information will be sent to a VA Specialist who will contact you to go over your options.

At VA Mortgage Center.com, we specialize in VA Loans. Over 500,000 military families have come to us for help through the VA Loan process. See how we can help you.