A condo, short for a condominium, is a popular option for military personnel who have to move due to a MILPCS order. A condominium is a good living area due to its amenities, but the cost issue remains one major obstacle to most military personnel. Fortunately, every military person who has to move due to a MILPCS order is entitled to a VA loan, which offers some amazing loans with low-interest rates. Below are some steps you could take to buy the condo of your dream with your VA loan.
What is a condo?
A condo is a housing unit that comes with a lot of different rules as compared to a suburban single house. A condo sits in a tight-knit community, so many decisions have to be made in unity with the other community members. For example, if you wish to change certain aspects of your paint schemes, you will have to play by the rules set out by the community. In return, things such as house repairs and renovations are made to be much simpler than in suburban houses. You don’t have to do all these renovations all by yourself anymore.
What does your VA lender have to say about condos?
For military personnel moving due to a MILPCS order, buying a condo will be very different from buying a house because the VA officials have different rules regarding buying condos. For starters, you can only buy condos that the Department of Veteran Affairs has approved. When you state your intention to the local representative of the Department, they will give you a list of nearby approved condos, which allows you to easily find the condo you have been looking for.
Buying a condo with your VA loan
After you have found an approved condo, the process starts to look like buying a suburban home. Your VA lender might allow you to make no down payment in return for higher monthly payments. Do also keep in mind that you will have to commit to certain fees and assessments from the association of homeowners (or the HOA for short). This is why you will have to read the contract and the fine print very carefully every time you are going to sign a contract.
Most MRP real estate agents have very good connections with the Department of Veteran Affairs, so they should be able to give you the list of approved condos. They will also explain the contracts to you in plain language so that you will understand the commitments and your rights.
A condo is a preferred housing unit for many due to the amenities it offers, especially for military personnel who have to move because of their MILPCS order. That said, buying a condo with your VA loan is going to be a complicated process, so it is always a good idea to consult your MRP real estate agent beforehand.