If you are planning on purchasing a condo with a VA Loan on Oahu, be aware that not all condos will qualify. Unlike a home, which has to solely qualify based criteria outlined by the U.S. Department of Veterans Affairs, purchasing a condo requires that the entire building is VA Approved, not just the unit. So while the individual condo unit may be in beautiful condition, the building itself may not meet the VA requirements, and a VA Loan purchase will not be feasible.
So, as you are searching listings on the MLS, how do you see which condo qualifies and which doesn’t?
Unfortunately, you can’t!
There is really no good way to find out the VA eligibility just by looking at listings. Occasionally the description will say “VA Approved”, or something to that effect, but these comments are few and far between.
One of the best ways, although not always a 100% guarantee of VA eligibility, is this VA Condo site. It’s the official VA condo eligibility site, and it outlines which buildings qualify and which may have further conditions.
If the condo building shows up as eligible on the VA Condo Site, it’s always best to check with your Realtor for any additional information that may be known about the condominium prior to scheduling showings. Checking with the lender prior to making an offer is a must as well. There could be additional details that the lender is aware of about the building or its management.
Align yourself with a Realtor and a lender who understand the VA purchase process, and who will be processing your VA loan on Oahu. Do this prior to starting a condo search. You will save yourself a lot of time and prevent possible frustration in finding the right residence.
Kinga Mills RA, RS-75728
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