VA Loans Popular In Military Towns Like Jacksonville
VA loans are great for military buyers. They allow for no money down loans up to the VA limit without PMI (Private Mortgage Insurance). The actual loan is originated through a traditional bank with the VA guaranteeing a portion of the loan. The VA loan guidelines also spell out what fees and closing costs can be charged.
In order for a condominium to qualify, the entire project must be approved through the VA process, which can be time consuming. The benefits to both the veteran and the developer can be large. The Chelsea Lofts in the Riverside historic district of Jacksonville Florida recently obtained VA project approval and have already received contracts from NAS Jax (Naval Air Station Jacksonville), making the process worthwhile. The project’s proximity to NAS Jax and contemporary loft interiors have been popular with the base squadrons.
You can view a list of approved VA condominium developments here: VA CONDO APPROVALS