Ask Matt / Condos & Townhomes

Can I use an FHA or VA loan to buy a condo in Dallas?

A straight answer from Matt Watson, Dallas broker. Then two or three related questions worth reading next.

You can, but the building has to qualify, not just you. FHA only lends in buildings that are on HUD's approved list or get a single-unit approval, and most of those require at least 35 percent of units to be owner-occupied with no more than about 15 percent of units behind on their HOA dues. VA works the same way, with project-level approval. That is why I check a building's approval status before you fall for a unit you may not be able to finance.

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