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VA Loan Property Types

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National Guard members, Reservists and veterans can use their VA loan entitlement on a variety of VA loan property types.  A VA home loan can be used on an existing home or new construction.

Single Family Home

A single family home is the most common of the VA loan property types. Single family homes can be attached or detached and the homeowner is responsible for their home in its entirety, including the lot or land in which the home is built.

Planned Unit Development

A planned unit development or PUD is typically a single family home that resides within a community with a homeowner’s association. The homeowner’s association typically regulates what homeowners can do to their homes and cares for common areas. The homeowner’s association may provide services like: lawn care, snow removal, security, recreation facilities and some utilities.

PUDs require that homeowners pay a fee monthly or annually to provide services to the community. Fees can range from a few hundred dollars per year up to a few hundred dollars per month depending on the service offered. All fees will be factored into qualifying for a VA home loan.

Multi-Family Home

Residences that are two to four units are considered a multi-family home. A multi-family home is attached to the other units, but will include separate entrances and living space for each unit. Parking may be shared or separate for each unit.

Buying a multi-family property with a VA loan is often used to by a National Guard member, veteran or active duty personnel to purchase a property that generates monthly rental income. This income can be used to help a borrower qualify for the VA loan.

Condominium

A condominium is an attached dwelling in which a homeowner only owns the inside walls and contents of their unit. Condominiums include a homeowner’s association that cares for the exterior of buildings, maintains common areas and may provide services like: building insurance, lawn care, snow removal, security, recreation facilities and some utilities. Condo owners can expect to pay a homeowner’s association fee each month to cover community maintenance and services provided. These fees are factored into your qualification for a VA home loan.

In order to buy a condo with a VA loan, the condo community must be approved by the Veterans’ Administration. The VA maintains a database of approved communities (and phases) by state. If your condominium is not VA-approved, paperwork can be submitted to your VA Regional Loan Center for review. Gathering the paperwork can be a tedious undertaking and expect a review by the VA to take several weeks or months.

Buying a condo with a VA loan is the most difficult of the VA loan property types to finance. This also applies to conventional, Jumbo, FHA and USDA loans.

Townhome

Townhomes or townhouse is typically attached to other units in a community and are regulated by a homeowner’s association. The homeowner’s association maintains common areas and may provide services like: lawn care, snow removal, security, recreation facilities and some utilities. Homeowner’s pay a fee each month for these services and that fee in calculated into a borrower’s ability to qualify for a VA loan.

Buying a townhome with a VA loan does not need to be approved by the Veteran’s Administration like a condominium.

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