Condominiums

Condominiums are a great option for people who do not wish to have the responsibilities associated with homeownership, such as yard work. Homeowners are responsible for the maintenance of their home and property. If you lack the time or ability to perform property maintenance, a condominium is an alternative to homeownership that requires less of a commitment.

Most condos require membership in a homeowners' association, which provides property maintenance for a monthly or annual fee. Veterans who would like to purchase a condo through the VA Home Loan Program should be aware of some important information.

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To obtain a condo mortgage through the VA Home Loan Program you must:

• Have a Certificate of Eligibility to prove that you are entitled to the VA loan guarantee benefits.
• Prequalify with a lender. Consult more than one lender and ask if they are approved by the VA . Your lender can also help you to obtain a Certificate of Eligibility.
• Obtain pre-approval and begin shopping for a condominium.
• Find your loan today!

The next step in your Condo purchase:

Once you have found a condo you would like to purchase, your lender will assist you to complete the appraisal, home inspection and necessary paperwork required for purchase.

Be careful when choosing a condo community, and read all the bylaws and regulations of the homeowners' association. Some condominium communities have strict regulations regarding the outside appearance of their condos, so be sure to find a community that suits you.

For more information on the VA Home Loan Program you may visit the VA Home Loans Website