Question:
“I’ve been trying to buy a condo using VA financing, but so many are not offered VA. Why do you think that is?”
Answer:
Great question. There are a few reasons…
- Many condo complexes are not VA approved. It requires lots of paperwork to get approved. And there’s not always a motivated party to do that. Even so, not all complexes would be approved anyway.
- VA loans used to have very strict property condition requirements and other onerous rules. They’re mostly gone now, but many homesellers and agents aren’t aware and don’t offer VA because they want to avoid these past problems.
- Some agents just don’t understand financing and don’t even know the importance of offering VA financing.
- Once you get over a certain price range (generally over 1.1M), few people would even use a VA loan. It has to do with VA loan limits.
