If you’re stationed at JBLM and thinking of investing in Tacoma Real Estate, you’re might be noticing the record low interest rates and the Tacoma Real Estate markets excellent prospects and thinking that now might be a good time to get into the market. For those who don’t want to worry about maintenance while they are deployed condos can be a great option.
The process of using your VA Loan to buy a condo is for the most part the same as for buying a house. There are a few exceptions, however. Anyone who has used their VA Cert will tell you that the VA has your back and is out to protect your interests in the home buying process. “If you’re looking at buying a condo VA you need to find out right away if the condo on the VA approved list,” says Ric Arredondo, a Mortgage Consultant with Windermere Mortgage Services. “Any good VA Lender could check the latest VA Approved Condo List for you.” VA has certain criteria that they require Condo buildings to meet, and they don’t bend. “If it is not on the list and you want to get it approved, that’s a big deal and you need to investigate it further.” says Ric.
There are some basic criteria to qualify to be on the list. The VA wants 50% or more of the units in the building to be owner occupied and they want 15% or fewer of the owners in the building to be behind on their HOA dues. If you are looking at new construction, they will want 75% of the units to be sold before they allow VA Loans on the remaining units.
If you are looking to use your VA Loan to buy a condo near JBLM, make sure you have an agent and lender that are familiar with the special criteria you will have to apply to the units you look at. If you’d like us to help you find an agent, contact us or contact Ric!