Did you know that a VA mortgage loan can be used to purchase a condominium?


This is a great benefit of the VA mortgage program.

Many Realtors are not accepting VA offers on condos and this is a shame.

With good negotiation skills by the Loan Officer and Buyer’s Agent, along with education, it can be done.

The reason some Realtors are not accepting VA condo offers is because of a misunderstanding of how the VA mortgage program works on condos.

Here are a few common myths related to VA mortgage loans and condos.


Myth #1: Condos Need To Be On The VA Approved List

Many Realtors will turn down condo offers because of the VA condo list.

And it’s true.

There is a list of “VA approved condos.”

But, the list is incomplete. It’s not an end all, be all list of VA approved condos.

It’s just a starting point of condo complexes where at least one resident has at one point gotten a VA mortgage loan.

There are THOUSANDS of condos out there that are not on this list that DO qualify for VA mortgage financing.

Myth #2: The Condo Association Needs To Pay Huge Fees To Be VA Approved

Another mistake some Realtors and Loan Officers will make is a false claim that there are huge fees that the VA charges to get a condo approved.

This is true for FHA but it is not true on VA mortgage loans!

The VA charges NO FEES to get a condo approved.

Myth #3: VA Condo Deals Take Longer To Close Than Conventional Condos

Many Realtors and Loan Officers will mistakenly think that because VA financing is being used on a condo that it will take longer to close.

This is NOT TRUE!

The key is to work with a mortgage professional that is experienced in getting VA condos approved.

My last VA condo deal closed in 27 days, which is right in line with how long a Conventional mortgage on a condo would have taken to close.

VA Mortgage Condo Guidelines

Here are some guidelines that you need to keep in mind when buying a condo using VA financing.

The condo association will have this information and it needs to be determined before a mortgage application is submitted.

  1. At least 50% of the condo units are owner occupied (not rentals)
  2. Less than 15% of the condo units are behind on association dues
  3. For a new condo complex, at least 75% of the units have been sold
  4. There is more than one unit in the condo project
  5. No single entity owns more than 10% of the units in the condo development


In conclusion, if you want to buy a condo with VA mortgage financing, it is possible but you need to have a mortgage professional in your corner that knows how to do it.

If you have any questions, feel free to contact me by email. I can also be reached by phone or text at 206-802-1413.


Mathew Yates

Mortgage & Life Insurance Broker

Office: 206-428-3644

Direct: 206-802-1413

Mortgage Licensed OR/WA/AZ

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