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 Condos:
- 100% Financing up to $2 million throughout the USA for qualified Veterans with full VA entitlement available.
- 100% VA Financing up to $2 million with a VA Jumbo Loan for qualified Veterans with full VA entitlement available in high cost areas such as San Francisco, San Mateo, Marin County, Contra Costa County, Alameda County, Oakland, Los Angeles, Orange County, etc. And up to $2m in San Diego, CA.
- You can exceed your County VA Loan Limit with a minimal down payment or equity for High Cost Area, or when you have a current charge against VA Entitlement (aka partial VA Entitlement available. We offer VA Loans up to $2.0M in these cases with a corresponding down payment based on your remaining entitlement and the count VA Loan Limit.
- No PMI, MIP, or Mortgage Insurance required
- VA and VA Jumbo Loans available for VA Condo Purchase and Refinance, and IRRRL Streamline
- Fico’s as low as 580 up to $2.0 m loan amounts
- Veterans with a 10% or higher VA Disability are exempt from the VA Funding Fee (this can save you thousands)
- 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 $2,000,000 and we also offer 100% VA Jumbo Loans for Condo’s up to $2,000,000 across the entire country, including high cost markets such as San Francisco, Los Angeles, San Diego, Chicago, Boston, Phoenix, Seattle, etc. We also offer VA Loans over the county VA Loan Limit for those Veterans with partial VA Entitlement, with a corresponding down payment or equity to reach the minimum guaranty VA requires. 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.