If you’re a veteran or active member of the armed forces, you probably already know that you can use a VA loan to buy a house. However, what about investing in a condo? Due to their low cost and ease of maintenance, condos can be excellent choices. Living in a condo community typically provides owners with many amenities and allows them to quickly accumulate equity. Here’s what you need to know about the VA loan requirements for purchasing a condo.
Why Condos Can Be Great For Military Personnel
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Can You Buy A Condo With A VA Loan?
Check your local market.
What Can Make A Condo HOA Ineligible for VA Approval?
Metro Detroit is home to freelance writer Michelle Giorlando. When she’s not writing about mortgages, investing, or homeownership, she likes to perform improv, garden, and make friends with the local wildlife.
FAQ
Why would a condo not be VA approved?
Common Reasons for VA Condo Approval Rejections: Inadequate leasing or rental policies in the governing documents are one of the most frequent causes for VA condo approval rejections. About 10% of the condominiums that we review do not comply with Virginia’s rental requirements.
Can I use a VA home loan on a condo?
The short answer is yes. The longer answer is that purchasing a condo with a VA loan is similar to purchasing any other type of property, but the condo complex needs to be approved by the VA. This approval’s goal is to guarantee that qualified VA loan borrowers aren’t unduly burdened by the HOA in any manner.
Does VA have an approved condo list?
You might be able to buy the condo you’ve been wanting with your VA home mortgage. There is a list of approved condos available for purchase through the VA’s home loan program.
What property Cannot be financed with a VA loan?
Vacant land is not eligible for VA financing. Even if you intend to build a house on the land in the future, you cannot buy a plot of land with a VA loan. To use a VA loan for land purchase, the property must be developed as a primary residence right away.
Read More :
https://www.rocketmortgage.com/learn/va-loan-condo
https://www.veteransunited.com/futurehomeowners/va-condo-loans/