Finding homes eligible for VA financing in California is easy. Singles family detached homes are easily financed with a VA loan. VA financing even works for 2, 3, and 4 units properties, and of course VA allows for 100% financing. Where it can get tricky is when a VA borrower is interested in finding a Condominium. The condo project needs to be approved by VA for financing prior to a lender funding a VA loan within the project.
How Do I Find VA Eligible Condo’s in California?
Many VA loan eligible homebuyers will typically search for a condo and then find out if the condo is approved for VA financing. But this can be frustrating since many condo projects are not approved for VA financing. The first step should be to check the VA site for which projects are approved and then look at condo’s within those projects. So how is this done? Click Here for the VA Condo approval lookup site. Once at the VA site, choose the “Details” report. To pull only approved condo’s, choose “Retrieve only Approved Condo’s?” Do not try entering the condo name. Leave it blank. Next, choose the city and state are searching.
It is important to work with real estate professionals who are familiar with VA financing. Your California VA real estate agent should know how to find VA approved condo projects and should understand how the offer to purchase should be written. Your California VA lender should thoroughly understand VA lending guidelines, loan amounts, and qualifications. And of course, have low interest rate options.
Authored by Tim Storm, a California VA Loan Officer specializing in VA Loans. MLO 223456. – Please contact my office at the Home Point Financial. My direct line is 949-640-3102. I will prepare custom VA loan scenarios which will be matched up to your financial goals, both long and short-term. I also prepare a Video Explanation of your scenarios so that you are able to fully understand the numbers BEFORE you have started the loan process.