Purchase an APT using VA

[sobreezy]

I am trying to find out what the requirements are for purchasing an apt and also how big of a complex could I buy using VA?

[Anonymous]

VA allows  for the purchase of one to four units. The veteran must occupy one of the units.

[sobreezy]

thanks for the reply

[ShanetheMortgageMan]

An "apartment" is a word to describe the look & feel of a dwelling, commonly one which is in a multiple-floor building, with tenants on either side, as well as above and below you, with one or few entrances to the apartment building itself.  Apartments which you can purchase (vs. only rent) would typically be classified/zoned as a condominium.  If you are finding listings on the internet, then most will say if it's zoned a condominium.

https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch is the link to VA approved condominiums.  It has been vastly upgraded recently.  I recommend you use "Details" instead of "Summary", don't click #2, don't complete info in #3, "All Offices" for #4, and just the state & county in #5.

[sobreezy]

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@ShanetheMortgageMan wrote:

An "apartment" is a word to describe the look & feel of a dwelling, commonly one which is in a multiple-floor building, with tenants on either side, as well as above and below you, with one or few entrances to the apartment building itself.  Apartments which you can purchase (vs. only rent) would typically be classified/zoned as a condominium.  If you are finding listings on the internet, then most will say if it's zoned a condominium.

https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch is the link to VA approved condominiums.  It has been vastly upgraded recently.  I recommend you use "Details" instead of "Summary", don't click #2, don't complete info in #3, "All Offices" for #4, and just the state & county in #5.

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Okay thanks alot I will definately check it out.

[sobreezy]

Okay now I am very confused.  I don't know exactly what I was looking at...I mean are these properties available or where they sold? Example below:

KINGSTOWNE ALEXANDRIA  VA  22315  -  0000  FAIRFAX

Accepted Without Conditions

then it just has dates up under all this info.

[ShanetheMortgageMan]

Accepted without conditions means it's approved for VA financing - it's pretty simple as most lenders don't require anything else (like a "condo questionnaire", etc. which is required with other types of financing).

[sobreezy]

Okay When I first saw it I thought that they were already sold.  Thanks again for setting me straight.

[ShanetheMortgageMan]

Well they could be sold, that website just lists the condo development, you still need to find listings for homes in it online

[sobreezy]

ahh yes now i see