If you plan to get a VA loan and you are considering buying a condo, make sure you check with me before you begin to drive around and look at condos. To get a VA loan on a condo, the condo has to fit certain guidelines. Many of the condos in the state of California and elsewhere are not eligible for VA loans.
Basically, the condo has to be on the VA or FHA condo list of approved condos for you to be able to get a VA loan on that condo. Just check with me and I can look up for you to see if the condo is on the approved list. If it is not on the FHA or VA approved condo list, one option for you even if you are VA approved is to go with a FHA loan instead and get what is called a “FHA spot condo approval”. Spot approvals are only available at this time until February 10th 2010. With a spot approval, the condo will need to have 50%+ of the units occupied by owners and also conform to a number of other rules. But with a FHA loan you will have to put 3.5% down vs. zero down with a VA loan.
Conventional loans with less than 20% down can be even stricter than FHA and VA loans for condo qualification. Because with less than 20% down on a conventional condo loan, you will need mortgage insurance. The mortgage insurance companies have very strict guidelines for condos. They can sometimes require 70% of the condo units to be occupied by owners.
So to save a ton of time, if you are looking for a California VA home loan (or other states as well) on a condo, make sure you contact me first and I can get you fully approved for a VA loan and also assist you with checking to see if that condo project is on the VA or FHA approved list.
Some nice advantages of VA homeloans:
- To qualify for a VA Loan credit does not have to be perfect, even if you think you have bad credit you may still qualify for a VA loan
- 100% financing with VA lending – VA offers the only zero down loans today
- VA loan interest rates are at historic lows – the U.S. Government is artificially pushing down rates to stimulate the economy so take advantage of it while you can!
- $8,000 home buyer tax credit available until April 2010!
- VA homeloans allow the seller to credit you for all of your closing costs – so this + 100% financing means you can buy with almost no money out of pocket
Give me a call (858-922-7899) or email (homeloan8@gmail.com) if you have any questions or want to apply for a VA loan.
Warmest Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
858-922-7899
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