Ignite FB Tracking PixelRequirements & Process: What You Should Know About Buying a Condo With a VA Loan - Gar Finnvold

Requirements & Process: What You Should Know About Buying a Condo With a VA Loan

by Gar Finnvold 01/16/2022

Military veterans can use their VA loan benefits to finance a new home. However, different property types can have different processes and requirements compared to single-family residences. Here are the most important things to know about buying a condo with a VA loan:

Is the Condo VA-Approved?

You can use a VA loan to purchase a condo or townhome unit instead of a single-family home. However, the condo needs to be part of a VA-approved development. It's common for communities to state their VA approval if they have it, but there are resources available online through the VA you can use to check.

Prepare for a Potentially Long Process

Buying a condo through a VA loan has some unique application steps. If you wish to buy a condo that is not already VA-approved, an approval process has to happen before you can buy. This process involves the lender requesting documentation from the development to determine their eligibility. Some of the information requested can include homeowner association bylaws, current financial and litigation statements and lot surveys of the property.

Unfortunately, this process can take several months, and the condos are not obligated to provide the documentation at all. Therefore, it's crucial to prepare your buying timeline accordingly. If your chosen condo is already VA approved, you can skip this part of the process entirely.

Requirements for VA Approval

While the VA does not publish their specific guidelines for approval, there are some common considerations. Some of these conditions include owner-occupancy rates, vacancy rates and HOA dues. Your specific lender may also have requirements for approving a development in addition to the VA standards.

Finding your dream home can be a long process, and even longer if your financing requires additional steps to secure. If you're interested in using a VA loan to buy a condo, these are the most important things to remember.

About the Author
Author

Gar Finnvold

"As a professional real estate advisor, I focus on client satisfaction," says Gar Finnvold, who handles luxury residences and condos in all price ranges in East Delray Beach, Boca Raton, and other South Palm Beach County communities. An award-winning top producer, he attributes his success to very basic principles: he's real, he's honest, and he works hard for every client.

Whether a client is thinking of relocating or wants to sell a home, Gar's insider knowledge and experience can make a huge difference. He knows the ins and outs of the city and surrounding areas. "Having been born and raised in the area," he says, "I can provide a lot of history and unique information that most other agents aren't aware of."