VA Condo Loans – VA Loans to purchase or refinance Condominiums / Condo’s using VA Benefit.
We are a VA Lender offering VA Loans to purchase or refinance Condominiums. Utilizing the VA loan and VA Jumbo Loan to purchase condominiums have become more necessary, as Condo financing has become more difficult with conventional financing. The tightening credit market of the past couple years has wrought havoc on Condominiums as Conventional Agencies Fannie Mae and Freddie Mac have added many restrictions on Condos, both in the way of reduced eligibility and also increased rates for Condo’s. FHA also recently changed it’s rules for Condominium eligibility as well, making it even harder for Sellers and Listing Agents to sell Condo’s.
In comes the VA to the rescue. The VA Condo List is extensive and offers many opportunities for our Veterans to purchase and refinance Condo’s. To qualify for a VanDyk VA Condo Loan, the condo must be on the VA Approved Condo list, which includes many existing complexes. You can search for VA Approved Condos yourself or rely on us. The hard part is the Condo Association name may not appear in the VA Site, forcing us to use the homes Legal description to determine the VA Condo Eligibility. Simply call us so we can help research the Condo’s Eligibility for a VA Loan.
VanDyk Mortgage offers VA financing on Condos with VA Loans up to $453,100 and we also offer VA Jumbo Loans for Condo’s (up to the County VA Loan Limits). This includes Purchase, Refinance, and the popular VA IRRRL, or VA Streamline Refinance.
VanDyk does not require the seller to hold the property for 90 days 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, where many banks require a seller to be on Title for 90 days minimum, we only require 1 day.
We offer VA Loans for Condo’s in California & Washington state. Condo’s in cities like San Francisco, Oakland, Los Angeles, Long Beach, San Diego, San Jose, Seattle, Bellevue, Ventura, and Irvine can qualify for VA Condo Loans.