VanDyk Mortgage is a VA Lender offering VA Loans to purchase or refinance Condominiums in Seattle. The tight 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 Seattle Condo Buyers and Condo homeowners. To qualify for a VA Loan on a Condo, 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 $453,100 and we also offer VA Jumbo Loans for Condo’s (up to the County VA Loan Limits – $667K in King County). This includes Purchase, Refinance, and the popular VA IRRRL, or VA Streamline Refinance.
For a Seattle VA Condo purchase or refinance above the King County VA Loan limit of $667,000, the Veteran must make an accompanying down payment of 25% of the difference between the loan limit (assuming full entitlement eligibility for the Veteran). Here are a couple of examples:
- A $850k Seattle VA Home Purchase would only require $45,750 down payment (5.4%)
- A $1.5M Seattle VA Home Purchase would only require $208,250 down payment (13.9%)
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, Redmond, Kirkland, Issaquah, Woodinville, Tacoma, Lynnwood, Ventura, and Irvine can qualify for VA Condo Loans.
>>> Get started here on your VA Loan PreApproval or give us a call at 866-900-2342 (toll free direct)