Many service members and veterans are looking to take advantage of their VA loan benefit but aren’t quite ready to take the leap into homeownership.
A condo may have amenities and benefits that better fit your lifestyle. The VA offers the same guaranty on condominium purchases as they do for traditional home loans. Veterans are offered a less vigorous application process and lenient credit requirements helping more veterans own property with no money down and lower monthly payments with a VA loan.
Starting Your Condo Search
The challenge with condos and the VA loan program is finding one that’s agency approved. Condominium developments must be approved by the VA before any lots or units qualify for the program, which allows borrowers to purchase with no money down and no private mortgage insurance.
Is A Condo Worth It?
You may be wondering if purchasing a condominium is worth it when there are extra steps mandated by the VA. To answer this, just decide if the benefits of investing in condo life outweigh the benefits of short leases and monthly rent.
If you plan on staying in a single area for at least a few years, having the money you would have normally spent on rent go toward investing in your first place is a great idea. Not only will you start building your lending history, but perks like pools, gyms and clubhouses are hard to beat.
Best Areas for VA Approved Condo Purchases
There is a usual concern about the resale value of condominiums because buildings and communities seem to swing in and out of popularity fairly quickly. To curb a disinterest or a decrease in resale, choose a condo in an area with a larger urban population. Condominiums are always popular in locations with high concentrations of young professionals.
Condos also offer the benefit of having no outdoor maintenance, making them a great step on the way to homeownership. If you think you’d like to use your VA loan benefits to invest in a Condo, chat with a VA loan specialist today at 855-870-8845.
Photos courtesy of Keoni101