If you’re like many veterans of the U.S. Armed Forces, you qualify for a VA loan – but can you use your VA loan benefit to buy a pet-friendly condo in Boca Raton?
This guide explains.
Can You Use a VA Loan to Buy a Pet-Friendly Condo in Boca Raton?
If you’re a qualifying veteran of the U.S. Armed Forces – the Army, Air Force, Navy, Marine Corps or Coast Guard – you can use a VA loan to buy a pet-friendly condo in Boca Raton. Some qualifying dependents are eligible to use them, too.
Who Qualifies for a VA Loan to Buy a Pet-Friendly Condo in Boca Raton?
You qualify for a VA loan if you meet the VA’s service requirements listed here. You must have served or have had a sponsor who served during certain periods and for specific lengths of time to qualify.
VA Loan Benefits When You Buy a Pet-Friendly Condo in Boca Raton
VA loans come with a wide range of benefits that most other loan types don’t, including:
- No down payment requirement. As long as the condo’s sales price isn’t higher than its appraised value, you don’t have to come up with a down payment; the entire cost of the home can be rolled into your loan.
- More favorable terms and interest rates than you may get with a different type of loan. The VA guarantees a portion of these loans (and in some cases, the entire loan), which means lenders are more willing to give you competitive rates with less-than-perfect credit.
- No private mortgage insurance, or PMI. The VA prohibits lenders from making you buy PMI if you put down less than 20 percent as a down payment.
- Limited closing costs. The VA limits the amount of money your lender can charge you in closing costs, and it enables home sellers to pay all or part of your closing costs.
- No prepayment penalty. You can pay off your VA loan early without a prepayment penalty – the VA doesn’t let lenders charge these penalties.
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