Finding the Right VA Approved Condo in Chicago
Looking for the right condo in the city can be an arduous task. Aspects such as where to buy, how much you can afford, and what loan program best suits your needs are all factors that weigh heavy on buyers’ minds. Since you’re a veteran, you now must ensure that the condo you’ve selected is approved by the VA. What sounds like a daunting process is easier if you have a head start on finding the right VA approved condo.
The easiest thing to do, for starters, is to look at already approved condos throughout the city. This removes any question as to whether or not the VA will guarantee your loan amount. Going to the VA website allows you to research VA approved condos around the city. You can type in a specific condo name or search city-wide to find the place that best suits you. If you’re wondering what it actually takes to get a condo approved by the VA, take a look at the list below:
- At least 50% of the units must be owner-occupied.
- Less than 15% of unit owners are behind on their HOA dues.
- For new construction condos or projects that have recently been converted from apartments, at least 75% of the units must be sold.
The best option for ensuring a smooth VA process is to stay steps ahead of every step in the process. The approval process may be more of a concern for the condo management company as opposed to you, but knowing which condos are approved puts you ahead of the curve.
If you have already found the perfect condo in the city, or have any questions about VA home loans, please contact us below or call 708-531-8388 to work on the approval process.