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Purchase an APT using VA

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Purchase an APT using VA

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?

MyFako scores EX 594, EQ 553, TU 589 as of 10 Jun 11
myFICO EQ 614 TU 599 EX 644
Goal 700 by March 30 2015
Message 1 of 10
9 REPLIES 9
Regular Contributor

Re: Purchase an APT using VA

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

Message 2 of 10
Contributor

Re: Purchase an APT using VA

thanks for the reply

MyFako scores EX 594, EQ 553, TU 589 as of 10 Jun 11
myFICO EQ 614 TU 599 EX 644
Goal 700 by March 30 2015
Message 3 of 10
Community Leader
Super Contributor

Re: Purchase an APT using VA

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.

Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

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Message 4 of 10
Contributor

Re: Purchase an APT using VA

 


@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.



Okay thanks alot I will definately check it out.

MyFako scores EX 594, EQ 553, TU 589 as of 10 Jun 11
myFICO EQ 614 TU 599 EX 644
Goal 700 by March 30 2015
Message 5 of 10
Contributor

Re: Purchase an APT using VA

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.

MyFako scores EX 594, EQ 553, TU 589 as of 10 Jun 11
myFICO EQ 614 TU 599 EX 644
Goal 700 by March 30 2015
Message 6 of 10
Community Leader
Super Contributor

Re: Purchase an APT using VA

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).

Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 7 of 10
Contributor

Re: Purchase an APT using VA

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

MyFako scores EX 594, EQ 553, TU 589 as of 10 Jun 11
myFICO EQ 614 TU 599 EX 644
Goal 700 by March 30 2015
Message 8 of 10
Community Leader
Super Contributor

Re: Purchase an APT using VA

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

Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 9 of 10
Contributor

Re: Purchase an APT using VA

 

ahh yes now i see

MyFako scores EX 594, EQ 553, TU 589 as of 10 Jun 11
myFICO EQ 614 TU 599 EX 644
Goal 700 by March 30 2015
Message 10 of 10
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