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:
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.
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.
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.
Kim Cuomo brings a 25 year wealth of experience and passion to the world of real estate, having dedicated over two decades to serving clients across the vibrant landscapes of South Florida. With a background as a paralegal, Kim's transition into real estate was not just a career change, but a discovery of her true calling. Her deep-rooted love for the industry is evident in the personalized, hands-on approach she adopts with each client, ensuring they feel valued and supported through every step of their journey.
Whether navigating the complexities of a first-time home purchase or orchestrating the sale of a luxurious $30 million estate, Kim's expertise spans the full spectrum of residential and commercial real estate. Her reach extends across Palm Beach County, Martin County, St. Lucie County, Broward County, and Miami-Dade County, offering a comprehensive understanding of the unique markets within each area.
Kim Cuomo's dedication to excellence and her ability to forge meaningful connections with clients make her not just an agent, but a trusted advisor and friend in one of the most significant transactions of their lives. Her commitment to providing exceptional service is unwavering, making her a standout professional in the South Florida real estate scene.
