Bellevue VA Condo Loans -VA Loans to buy or refinance Condo's and Condominiums in Bellevue
VanDyk Mortgage is a VA Lender offering VA Loans to purchase or refinance Condominiums in Bellevue. The tightening credit market of the past couple years has made it more difficult to attain financing on on Condominiums as Conventional Agencies Fannie Mae & Freddie Mac have added many restrictions on Condos, both in the way of reduced eligibility and also increased rates for Condo's. FHA also recently changed it's rules for Condominium eligibility as well, making it even harder for Sellers and Listing Agents to sell Condo's.
In comes the VA to the rescue for Tacoma Condo Buyers and Condo homeowners in Bellevue. To qualify for a VA Loan on a Condo, the condo must be on the VA Approved Condo list for Bellevue Condos, which includes many existing complexes. You can search for VA Approved Condos yourself, or let us assist you,we are here to help.
VanDyk Mortgage offers VA financing on Condos with VA Loans up to $417,000 and we also offer VA Jumbo Loans for Condo's (up to the County VA Loan Limits). Bellevue VA Condo's require no downpayment up to $481,250. This includes Purchase, Refinance, and the popular VA IRRRL, or VA Streamline Refinance.
Bellevue VA Condo's require no downpayment up to $500,000.
For a Bellevue VA Condo purchase or refinance above the 2011 King County VA Loan limit of $500,000, the Veteran must make an accompanying downpayment of 25% of the difference between the loan limit (assuming full entitlement eligibility for the Veteran). Here are a couple of examples:
- A $600k Bellevue VA Home Purchase would only require $25,000 downpayment ( 4.17%) - not including the VA Funding Fee
- A $750k Bellevue VA Home Purchase would only require $62,500 downpayment (8.33%) - not including the VA Funding Fee
VanDyk does not require the seller to hold the property for 90 days prior to sale like many other lenders. If the seller of record on the day of the purchase agreement matches, that fits within our rules. Another name for this is the Flip Rule, or VA Flip Rule, where many banks require a seller to be on Title for 90 days minimum, we only require 1 day.
We offer VA Loans for Condo's throughout California & Washington state. Condo's in cities like San Francisco, Oakland, Los Angeles, Long Beach, Torrance, San Diego, San Jose