How do I find out if this Los Angeles Condo is eligible for VA Financing?
We hear this question quite often. The answer isn’t always easy to find for Veteran Homebuyers in Los Angeles, CA. Real Estate Agents, Sellers, and sometimes even the HOA don’t have the most updated info on their VA Condo Approval Status.
Why is this? Shouldn’t it be easy to figure out if the Condo is VA Approved? I agree 100%. However, the VA Condo Search Portal doesn’t index by the common names you would normally use for a Los Angeles VA Condo. The VA uses an assortment of names: HOA Name, Tract number, Map Number, or another abbreviation, loosely based on the above.
So the next question for Los Angeles VA Homebuyers looking for Condo’s is – How do I find out if this Los Angeles Condo is VA Approved? Just give us a call or email us the Condo’s information – Address, HOA name, etc. We will research it for you and let you (and the Agents and Seller) know if your Condo is VA Approved.
A word of Caution: When buying a Los Angeles Condo with a VA Loan, be sure to work with a VA Lender that is well versed in VA Condo Financing. There are multiple types of VA Condo Approvals. It is best to know upfront what your VA Purchase of a Condo will require (based on the type of VA Approval).
Also – Don’t give up on that Condo just because someone told you it isn’t VA Approved! I have seen many Condo’s in Los Angeles that are in fact eligible for VA Financing, however the Listing Agent, Buyers Agent, HOA, Seller, or even another Lender thought it wasn’t VA Approved. This is usually the result of a limited knowledge of the VA Condo Approval Process and/or poor research on the Condo itself. We just saved 2 escrows by helping Vet’s buy Condo’s that others told them were ineligible for VA Loans.
Many Condo’s can be purchased with both VA Loans and VA Jumbo Loans. The key is to select an experienced VA Condo Lender and Real Estate Agent that is well versed in writing and negotiating VA Purchase Offers.
When looking for a VA Loan to purchase a Condo in Los Angeles, call the VA Loan Pro’s at VanDyk Mortgage. 760-752-4480 Direct, please ask for Brian Skaar.