VA Condo Loans
VA Condo Loans
VA Loans and VA Jumbo Loans can be used to purchase or refinance Condo’s, Townhomes, Row Homes, and Condominiums covered by an HOA.
Since the Housing Crisis struck in recent years, it has become more challenging to purchase condo’s with FHA or Conventional loans. However VA offers Veterans many benefits and advantages when financing a Condo.
Here are some of the benefits of VA Loans for Condo’s:
- 100% Financing up to $484K throughout the USA
- 100% VA Financing up to $726,525 with a VA Jumbo Loan in high cost areas such as San Francisco, San Mateo, Marin County, Contra Costa County, Alameda County, Oakland, Los Angeles, Orange County,etc
- You can exceed your County VA Loan Limit with a minimal down payment or equity for High Cost Area, or when you exceed $484K in standard VA Loan Limit counties – Up to $1.5M VA Loan amount!
- No PMI, MIP, or Mortgage Insurance required
- VA and VA Jumbo Loans available for VA Condo Purchase and Refinance, and IRRRL Streamline
- Veterans with a 10% or higher VA Disability are exempt from the VA Funding Fee
- VA Loans are more flexible after Bankruptcy, Foreclosure, and Short sale, as little as 2 years out.
- Our VA Loans after Short Sale require no waiting period if not late on Mortgage at time of Short Sale on Conventional or FHA Loan
The first item of business is determining if the condo qualifies for a VA Condo Loan. To qualify, the condo must be on the VA Approved Condo list, which includes many existing complexes. You can search here for VA Approved Condos . We are here to help, simply call us so we can help research the Condo’s Eligibility for a VA Loan. We also offer assistance in getting Condo’s Approved for VA Financing, Call for details.
VanDyk Mortgage offers 100% VA financing on Condos with VA Loans up to $484,350 and we also offer 100% VA Jumbo Loans for Condo’s up to $726,525 in certain high cost markets such as San Francisco and Los Angeles, or your County VA Loan Limit. We also offer VA Loans over the county VA Loan Limit, with a corresponding down payment or equity of 25% of the amount over the county VA Loan Limit (or $484K if applicable). We offer VA and VA Jumbo Loans for Purchase, Refinance, and the popular VA IRRRL, or VA Streamline Refinance.
Note – VA Flip rule: we do not require the seller to hold the property for 90 days prior to sale like many other lenders. If the seller of record on the day of the purchase agreement matches, that fits within our rules. Another name for this is the Flip Rule, or VA Flip Rule, where many banks require a seller to be on Title for a minimum of 90 days, we only require 1 day.
We offer VA Loans for Condo’s throughout California, Massachusetts, Virginia & Washington state. Condo’s in cities like San Francisco, Oakland, Fremont, Los Angeles, Long Beach, Coronado, San Diego, La Jolla, San Jose, Seattle, Tacoma, Bellevue, Oceanside, Marina Del Rey, Huntington Beach, Hermosa Beach, Santa Monica, and Irvine can qualify for VA Condo Loans.
>>> Let’s Get Started on my VA Loan now or call direct 866-900-2342.