Q:

How do you know if a condo is VA loan-approved?

A:

Quick Answer

There are two basic ways to know if a condo is VA-loan-approved: working with a VA lender or searching the database of VA-approved condos offered by the Department of Veterans Affairs. Those who want to purchase a condo with a VA loan must meet DVA requirements.

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Full Answer

One requirement for VA loan approval is that at least 50 percent of the condos in a building are owner-occupied. Residents must also be current on homeowners association fees, with no more than 15 percent of these residents behind in their fees. For new construction condos, at least 75 percent of the building must be sold before VA loans are approved.

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