Often, when prospective home buyers are searching for a house, they do not consider looking into a condominium. A condominium can have many beneficial aspects that a homeowner may have never considered. If the prospective home buyer is a veteran or active duty service man or woman, he or she can also make use of their VA loan benefit to buy a home and maximize their savings!
Benefits of Buying a Condo
Condominiums can sometimes be purchased at lower prices than a single-family house and still be more spacious than the typical home at the same price. When you purchase a condominium, you usually join a homeowner' association, which means you would not have as much responsibility as you would have with a regular type of house. The maintenance of the condominium's exterior is usually the responsibility of the homeowner's association. This would be especially beneficial for older veterans who want a nice, spacious dwelling, but cannot physically be responsible for all of its upkeep.
Using a VA Loan to Purchase
VA loans offer several benefits to homeowners who are veterans of or currently serving in the military that many other types of home loans do not. This type of financing can offer up to 100% financing, and it does not require any mortgage insurance or down payment. These loans are guaranteed by the Department of Veteran Affairs and can save homeowners thousands of dollars! VA mortgage rates are currently quite low, so now would be a great time for qualified homeowners to use these benefits to buy the home they always wanted, but never thought they could afford.
One veteran in New Jersey knows firsthand how beneficial this type of financing can be. Prior to receiving VA loan financing, the veteran rented a very small space. Once he had the resources to upgrade, he picked out a spacious, luxury condominium in a well-known community. He first considered an FHA loan to finance his purchase, but he found the private mortgage insurance to be too high for what he could afford. He then began researching VA loans and their benefits and decided that this loan would be the best type of financing for him. He was quickly approved for financing and was able to close and move into his new home in just one month!
Take Advantage of VA Loan Benefits to Get the Most From Your Purchase
If you have decided to utilize this type of financing to purchase a home, look for VA loan-approved buildings when conducting your house search. Properties must meet certain eligibility requirements to be approved for this type of financing, but recently more condominiums are receiving approval from the VA than ever before. There are also certain eligibility requirements applicants must meet, but these guidelines are not as strict as other types of home loans, so it is easier for applicants to qualify for VA loans.
VA loans are a benefit available exclusively to veterans and current service men and women as a thank you for their service and dedication to their country. This type of loan can help a borrower purchase a great home with affordable financing. Those interested in obtaining this type of financing should speak with a loan specialist to learn more about their eligibility and the numerous benefits they could receive by purchasing with a VA loan.