Why this matters right now for Smart Corner

Smart Corner is currently not eligible for conventional (Fannie Mae/Freddie Mac) or FHA financing, due to a minor ongoing exterior repair project expected to wrap up within about a month (see Building Status & Disclosures for details). VA loans and cash purchases are unaffected — in fact, recent Smart Corner sales have successfully closed using VA financing during this same period. For eligible buyers, VA is currently the most practical financing path into this building, not a fallback option.

Who qualifies for a VA loan

VA loans are available to:

  • Veterans who meet minimum active-duty service requirements
  • Active-duty service members who’ve served the minimum required time
  • Certain National Guard and Reserve members
  • Some surviving spouses of veterans (particularly those receiving Dependency and Indemnity Compensation)

Eligibility is confirmed through a Certificate of Eligibility (COE), which a VA-approved lender can typically pull for you directly — you usually don’t need to request it yourself in advance.

Why buyers who qualify tend to prefer VA loans

  • No down payment required in most cases — unlike the 20% down scenario modeled in our payment calculator and rent vs. buy analysis, VA-eligible buyers can often finance up to 100%
  • No monthly private mortgage insurance (PMI) — VA loans use a one-time funding fee instead (details below), which typically saves money over the life of the loan compared to PMI on a low-down-payment conventional loan
  • Competitive interest rates, generally in line with or slightly below conventional rates
  • Assumable loans — a future buyer may be able to take over your VA loan and its interest rate, which can be a meaningful selling point if rates rise after you buy
  • No prepayment penalty

The VA funding fee (2026 rates)

Instead of monthly PMI, VA loans carry a one-time funding fee, calculated as a percentage of the loan amount. It can be paid at closing or rolled into the loan balance.

Down Payment First-Time Use Subsequent Use
Less than 5% 2.15% 3.30%
5%–9.99% 1.50% 1.50%
10% or more 1.25% 1.25%

Who’s exempt from the funding fee entirely:

  • Veterans receiving VA disability compensation (any rating, 10% or higher)
  • Active-duty Purple Heart recipients
  • Certain surviving spouses receiving Dependency and Indemnity Compensation (DIC)

At Smart Corner’s $425,000 asking price, a first-time-use buyer with no down payment would pay a funding fee of roughly $9,138 (2.15% of a $425,000 loan) — financeable into the loan rather than due in cash at closing.

VA condo approval — the detail specific to buying here

Beyond your own eligibility, VA loans also require the condominium project itself to be VA-approved — a separate process from Fannie Mae/Freddie Mac approval, which is why a building can be VA-eligible while temporarily ineligible for conventional/FHA financing, as Smart Corner is right now. This approval status can change over time, so before you get too far into the process:

  • Ask your VA-approved lender to confirm Smart Corner’s current VA approval status directly
  • You can also check the VA’s condominium approval list yourself as a starting point

What the process typically looks like

  1. Get pre-qualified with a VA-approved lender, who will pull your Certificate of Eligibility
  2. Make an offer — request a showing or contact us to get started
  3. VA appraisal — a VA-specific appraisal checks both value and Minimum Property Requirements (MPRs) — basic safety, sanitation, and structural soundness standards. This is a normal part of any VA purchase, not something unique to this building
  4. Underwriting and closing — similar timeline to conventional financing, typically 30–45 days

A note on accuracy

VA loan rules, funding fee percentages, and condo approval statuses are set by the Department of Veterans Affairs and can change. This page reflects our understanding as of mid-2026 and is provided for general information only — not official VA guidance. Always confirm current details with a VA-approved lender or directly through va.gov before making financial decisions.

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