Can you use a VA loan on a townhouse?

VA Home Loans can be used to purchase: An existing home, or a condominium or townhouse in a VA-approved project. For condos or townhomes, the entire complex must be approved by the VA before the buyer can receive a loan for one unit.

Why do some condos not accept VA loans?

The VA could deny a condo development for a variety of reasons including: The development has too many tenant-occupied compared to owner-occupied units. Too many condo owners are behind on their HOA fees. One person (or a single financial entity) owns too many units within the development.

Do VA condos have to be approved?

The VA must approve a condo complex in order for a borrower to purchase a unit. Hundreds upon hundreds of condo developments across the country are already on the approved list. You can check the VA’s condo database online to see if the unit you want to purchase is in an approved development.

What type of homes can a VA loan be used for?

Single-wide homes must be at least 400 square feet. Double-wide homes must be at least 700 square feet. Homes must have permanent eating, cooking, sleeping and sanitary facilities.

Can you buy an apartment complex with a VA loan?

Can you buy a multiunit property with a VA loan? The good news is you can look to buy a duplex, a triplex, or a four-plex using your VA home loan benefits. However, the property purchased cannot be used solely for investment or rental purposes, and one unit must be your primary residence.

What are the restrictions on a VA loan?

The Department of Veterans Affairs does not have a limit to how much you can borrow but, keep in mind, you do still have to qualify with proof of income and employment….Some other VA loan benefits may include:

  • Better terms and interest rates.
  • No penalty fees for paying your loan off early.
  • Fewer closing costs.

How long does it take for the VA to approve a condo?

The process of getting VA Condo Approval generally takes 30 days or less. The reason for this lengthy processing time is their 2-step application process. First, we send the application to the regional office and a Staff Appraiser will review it.

Does VA accept HUD approved condos?

VA Condo Approval Status Accepted Without Conditions – borrowers can take out a VA loan on any unit in the project. HUD Accepted – this means HUD approves the project and it’s very likely that VA has approved them, but it’s a good idea to make a quick follow up call to regional VA office to verify.

How hard is it to get a condo VA approved?

The VA-Approved Condo List. The biggest challenge in using a VA loan to buy a condo is that the U.S. Department of Veterans Affairs must approve all condo buildings, making sure that they meet basic quality standards. The goal is to protect veterans from buying into unsafe or financially unsound condo buildings.

What properties are eligible for VA loan?

The simple answer is that nearly any type of traditional single family residence from modular homes to condos can be considered eligible under the VA loan program. However, ensure your lender is willing to issue a VA home loan before committing yourself to a particular property type.

Can I buy a duplex with my VA loan?

How many units can you buy with a VA loan?

Two or more eligible veterans can buy up to a seven-unit property. The VA has a special “joint loan” option for two or more veterans to purchase a multifamily home with up to seven units. Other loan programs limit you to a four-unit maximum.