If you’re interested in buying a condo with a VA loan, you’ve probably heard mixed things about whether it’s possible to do so. The short answer to whether buying a condo with a VA loan is possible is yes — but there are some caveats.
Most veterans and their families use a VA loan to purchase a traditional single-family unit. However, for reasons of cost, accessibility, and preference, you might be interested in St. Paul condos for sale or Minneapolis condos for sale.
Finding Condos VA Approved
To go through with buying a condo with a VA loan, you have to find condos on the VA approved list. Condos VA approved tend to have at least half of the units filled with the owners of the units. This is because property values can wildly change when renters occupy the majority of the condos in a given property.
In addition to that rule, 75 percent or more residents need to be current with their homeowner’s association (HOA) fees to ensure the property is well-kept.
Lastly, if you’re looking into buying a condo with a VA loan in a new construction development, 75 percent or more of the units must be sold before the VA will consider approving them.
If you find a St Paul condo for sale or Minneapolis condos for sale and you’d like to secure one with a VA loan and it’s not already on the VA’s list, you can enter into a process with your lender to get VA approval.
Trust a Twin Cities Military Veteran Realtor if Buying a Condo With a VA Loan
If you’re thinking about buying a condo with a VA loan and you’re looking at Minneapolis condos for sale or St Paul condos for sale, work with a Twin Cities Military Veteran Realtor such as Shannon Lindstrom with RE/MAX Results. She understands how it works from both sides — a veteran who has qualified for a home loan, and Shannon is ready to help military veterans achieve their goals of homeownership.
If you’re looking to buy or sell a home in the Twin Cities, or the surrounding areas, please feel free to call, text, or email Shannon at your earliest convenience. Search properties listings @ https://shannonlindstrom.results.net/.
Shannon Lindstrom, Realtor®, AHWD, CRS, GREEN, MRP, VCA