Purchasing VA Approved Condos

In today’s housing market, there are many buying options available for veterans. From VA approved townhomes to mobile homes to condos to your traditional single-family house. There are many types of dwellings for different situations and needs and many VA homes for sale in general.

In recent years we have noticed veterans take an interest in purchasing VA approved condominiums. More and more military service members are using their VA home loan benefits to buy a condo. This might be because more military millennials look to own property in and close to cities. Whatever the cause, condos have been a popular choice for many veterans and military service members nationwide.

Reasons to Buy a VA Approved Condo

There are a few reasons that make a condo a very attractive purchase. Condominiums often have amenities included that would be pricey upgrades for a traditional home. For example, many condominiums come with things like a community workout facility, a swimming pool, and even a clubhouse available for parties and gatherings. Some have playgrounds for children. Maybe the most attractive appeal of owning a condo is no yard work. For many, paying association fees is well worth it to avoid worrying about snow removal, roof replacement, driveway repair, landscaping, and yard maintenance.

Another feature many condos have is security. We’re talking about features like gated communities, cameras on sight, and credentials to enter the premises. Many prefer this environment and feel safer. Many people also like the close-knit community aspect of condo living. Some really enjoy the social aspect and find it refreshing to having neighbors at a close proximity. With high-quality communities like this, it can be easy to get VA condo approval and get a VA loan for that condo. Taking advantage of a few tips will help.

Tips on Purchasing VA Approved Condominiums

The very first thing you will need to do as a veteran or military service member is check to see if the condo you are looking at is one of the VA loan approved condos. The Department of Veterans Affairs has certain rules and regulations that outline the process of getting approved VA condos. The most important rule or requirement is that the condo project is on the VA approved condo list. If the bylaws of the particular condo association include the right of first refusal clause, then it is almost certain the condo will not receive VA loan condo approval and you will not be able to use a VA loan to buy one of the condo units. Go ahead and take a look at the VA condo approved list. The database is easy to use and quite extensive. For all complexes on the VA condo list, there is a summary and detailed report that will give you important information like the status and processing dates as well as the ID and address.

When in the market for purchasing a condo, there are a couple of things to think about. For example, should you purchase a brand new condo or a used one? When purchasing a new condo there are advantages and disadvantages. One of the major advantages of buying new is you often get to pick out the finishing touches like cabinetry, appliances, and floor plan. These things help make your condo unique if you plan to sell down the road. One of the major downsides of purchasing a new condo is that it may be more expensive. So it is definitely worth shopping around before you commit to anything.

One of the advantages of purchasing a pre-owned condo is that you can see the layout, how well it has held up over time, and its surroundings. This is a big advantage because you can look for things like plumbing, electrical and settlement issues, history of the energy usage, and a visual of a finished floor plan before you commit. Another benefit of older pre-owned condos is that they often have more space than newer condos. Lastly, when searching for a condominium, you always want to check out your location, view, and surroundings. Make sure there are no future developments that will change your perspective and the resell value of the property in the future.

Let’s say you’ve picked out a good fit from all of the VA eligible condos out there. You know it’s on the VA condo approval list, so one of the major steps left is deciding which lender will help you best and get you the best rates out there.

When purchasing any home, it is very important to do your due diligence. Remember it is one of the biggest buying decisions of your life. Taking the time to do your research now might save you a lot of headaches down the road.

Using your hard-earned VA loan benefits is your right, and being able to purchase your dream home is something we take very seriously. Considering a VA home loan for a condo can make that dream possible. We at Low VA Rates are here to help lead you through the VA loan condo approval process and help you take the steps to purchase a VA approved condo.

Call us now at 866-569-8272 or click here to get started. Please visit our home page for more great VA home loan articles and information.

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