Condominiums offer great amenities and low-maintenance lifestyles that make sense for many military members. However, unlike single-family homes, not every condominium is eligible for VA Loan approval. To determine if a particular property is eligible for VA Loan approval refer to the VA Condo Check Resource. Or Contact Nick Vaccarofor more information on VA Loans for condos and single family homes.
What Qualifies a Condo to be Eligible for a VA Loan?
Basic qualifications include:
50% or more of a building's units must be owner-occupied
Not more than 15 percent of unit owners can be behind in Homeowners Association fees
75 percent of the units in a new construction building must be sold prior to allowing VA loans