If you’re a veteran or member of a veteran’s family and you’re shopping for a condo, you may have come across some confusing information about whether you can use a VA loan to get a condo. Generally, most who qualify use their low-interest VA loan to secure a single-family home.
However, if you’re looking at downtown Minneapolis condos for sale or downtown St Paul condo for sale, you should arm yourself with the knowledge of how to get a condo VA approved.
How to Get a Condo VA Approved
To start, you should work with a qualified Twin Cities Military Veteran Realtor (such as Shannon Lindstrom with RE/MAX Results) can provide you a mortgage resource list of mortgage professionals to help you secure a VA loan.
Your second step is to review the list of downtown St Paul condos for sale and downtown Minneapolis condos for sale that your Twin Cities Military Veteran Realtor provides. The VA has a list of condos that already match their qualifications. If your condo is on that list, your process will go faster.
If not, you’ll need to know how to get a condo VA approved. You’ll want to instruct your Realtor to help you find a condo that matches the following qualifications:
- If the construction is new, at least 75 percent of the units have been sold.
- 75 percent or greater of residents are current on their homeowner association (HOA) fees
- At least half the occupants of the condos are also owners (not renters)
Should the downtown Minneapolis condos for sale or downtown St Paul condos for sale match these criteria, you can enter into a process by which you can get approved to use a VA loan on the condo of your choice.
The best way to increase your chances of getting a VA loan on a condo approved is to work with a Twin Cities Military Veteran Realtor who understands the real estate market as well as the requirements of securing a VA loan.
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