VA CONDO LOANS
VA Condo loans can be a great option for veterans, so long as the condo you're applying for is approved by the VA. To find out if your potential new condo qualifies for the program, just visit the VA website to enter your condo information and see the results.
Program highlights include:
- Veterans 100% Home Financing
- No monthly mortgage insurance premiums
- VA interest rate reduction refinance loans available
- No down payment required for qualified borrowers
- Up to 100% seller paid costs on purchase
- Lender/Seller credits permitted and may reduce overall borrower investment
- No prepayment penalties
- High balance VA products are also available, subject to county limit restrictions
-Borrower must have a Certificate of Eligibility (CoE) from the VA in order to avoid a longer processing time.
-Borrowers are required to make a one-time funding fee based on loan amount and applicant's service length.
-Closing costs may be paid by the lender and/or the seller.
Basic qualifications include:
- 50 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 newly constructed, 75 percent of the units must be sold prior to allowing VA loans
If you have any further questions about condo loans, please don't hesitate to contact John! Our team works on VA loans often and are very familiar with the process.
You can call John at (512) 524-8310 or email him here.