Buying a VA-Approved Condo

A VA condominium ownership can have numerous benefits over home ownership; with a much lower monthly cost and attractive or convenient amenities, buying a condo with a VA loan could be optimal for some borrowers.

However, not all mortgage loans can be used to purchase condominiums. Fortunately for VA-eligible borrowers, loans guaranteed by the U.S. Department of Veteran Affairs (VA) can be applied to condo purchase, provided the property meets certain criteria.

VA-Approved Condominiums

To find out which condos qualify for VA funding, visit the U.S. Department of Veteran Affairs website, where you can locate a database of VA-approved condominiums. Input your prospective condo information to determine its eligibility. 

You can also contact a VA lender for more information.

VA-Approved Condo Qualifications

Basic qualifications for VA condo approval include:

• A minimum of 50% of the condo units must be owner-occupied
• No more than 15% of condo owners can be delinquent on Homeowners Association (HOA) fees
• Regarding recently completed condos, a minimum of 75% of the units must be sold before accepting VA mortgage loans

VA-Approved Condo Advantages 

VA-approved Condominiums include many additional perks not available to traditional homeowners:

• Amenities: Condo complexes often contain amenities such as swimming pools, gym and fitness facilities, clubhouses, and other unique community features.
• Cost: Purchasing and maintaining these types of conveniences within a home will be exceedingly expensive. However, condominium owners can take advantage of these services with minimal additional cost.
• Maintenance: Condominiums inherently come with regular outdoor maintenance, which is managed by the condo complex owners, rather than individual unit owners. Plus, some condominiums even include the cost of repairs for indoor maintenance.
• Security: Condominiums carry the feeling of safety, often including gates, security, guards, and close proximity to other residents.

Finding a Lender for a VA-Approved Condo

As many lenders enforce differing standards for condo qualification, borrowers should directly contact a VA loan professional to discuss their options. If you are looking for a reliable VA mortgage lender, visit our Lender411 Find a Lender page to conveniently locate nearby VA lenders in your vicinity. 

Start comparing loan offers today and take the first step toward a smart mortgage.

Gretchen Wegrich

Gretchen Wegrich is an editor at Lender411. She specializes in mortgage basics, personal finance and green living. She graduated with a bachelor's degree in writing from University of California, San Diego and previously worked at the Santa Cruz Sentinel. Contact her at gretchen@lender411com.