Woodbridge Condos Approved For VA Loans

One of the benefits great benefits both active duty and retired military like to use when buying a property is a VA loan.  A VA Loan is one of the only loan programs that allows a qualified borrower to finance 100% of the home’s value and purchase with $0 down.

I receive 2 or 3 inquiries per week from excited buyers who see the prices of some Woodbridge area condo listings and want to use a VA loan. Unfortunately not every condo building in Woodbridge VA qualifies for a VA loan.  This may sound strange but even though you are approved for a VA loan the property you want to buy may not be.  One of the primary reasons a building may not qualify is the number of owner occupants versus rental units in a building or complex.

How do you find out if the condo you are interested in is VA loan eligible?  The Department of Veterans Affairs maintains a list of approved condos for both mortgage professionals, Realtors® and anyone considering purchasing a condo should check.

In Woodbridge the following list of condos are currently on the VA approved list:

ANTIETAM SQUARE
BELMONT BAY GOLF VILLA
COMMONS ON WILLIAM SQUARE
COUNTY CENTER CONDOMINIUM
DEVILS REACH
GLEN OAKS
HAMPTON SQUARE
HARBOR POINT EAST/WEST
HARBOR SIDE CONDO @ BELMONT BAY
[email protected] LANDING
LAKERIDGE POINT
OCCOQUAN RIDGE o
PARK SQUARE CONDO
POTOMAC CLUB 0
PROSPECT COVE @ LAKESIDE
RIVER CLUB 1 @ BELMONT BA
RIVER OAKS – BROOKFIELD
RIVER OAKS – LENNAR
RYAN CONDOMINIUM @ POTOMAC CLUB o
SHERBROOKE CONDOMINIUM
SUMMERHOUSE
SUMMERHOUSE CONDOMINIUM
SUMMERHOUSE II CONDO
THE POWELLS RUN VILLAGE
THE RESIDENCES AT POTOMAC CLUB

It’s always good to check the list before you head out or before you make an offer.  It’s unfortunate to find your dream property and then discover you can’t use your VA to purchase and might instead need to have a minimum 20% down-payment.  Trust me a few months ago as a listing agent I received two offers on a condo that was not VA approved and had to break the bad news to the buyers.  Not fun.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge