Los Angeles VA Condo Loans -VA Loans to buy or refinance Condo's and Condominiums in Los Angeles
VanDyk Mortgage is a VA Lender offering VA Loans to purchase or refinance Condominiums. 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 Los Angles Condo Buyers and Condo homeowners. To qualify for a VanDyk VA Condo Loan, the condo must be on the VA Approved Condo list, 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 $700K with zero down (up to the County VA Loan Limits). This includes Purchase, Refinance, and the popular VA IRRRL, or VA Streamline Refinance.
For a Los Angeles VA Condo purchase or refinance above the Los Angeles VA Loan limit of $700,000, 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 $800k Los Angeles Home Purchase would only require $25,000 downpayment (3.13%) - not including the VA Funding Fee
- A $900k Los Angeles Home Purchase would only require $75,000 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, Seattle, Bellevue, Ventura, and Irvine can qualify for VA Condo Loans.