A Short Guide to VA Approved Condos in Miami

A Short Guide to VA Approved Condos in Miami

Aug 16, 2019 August 16, 2019

It only makes sense that those who have served the country get some perks and benefits to make life easier. A VA home loan is one of those benefits. It is the best kind of mortgage available, since it requires no down payment (up to a certain limit), no mortgage insurance, has low interest rates, low closing costs and is easier to qualify for than any other loan out there. Veterans can use their VA home loan to finance a condo, townhome, or single-family home. However, financing a condo comes with a little twist.

Since you can only use your VA home loan to finance a VA approved condo, here are a couple of things you should know: 

We’ve included a complete list of VA approved condos in Miami at the end of this article to give you a jumpstart on your home owning process. If you want to see a list of VA approved condos in Miami, jump down here :)

Cité - Edgewater, Miami FL

Cité - Edgewater, Miami FL

What is a VA Approved Condo?

A condo development submitted to and approved by the Department of Veteran Affairs features VA approved condos. This approval is given to entire condo projects, so veterans can choose to finance any condo unit from within the complex.

As of the writing of this article, you will only be able to buy into a condo using a VA loan if the condo has been VA approved.

How Can You Get a Condo VA Approved? 

Previously, spot approvals for condos used to be allowed, wherein even a single condo from a project could be VA approved. However, this was recently cancelled by the HUD (although proposals have been submitted by the Federal Housing Administration to bring the system back). So, for now, approvals are only given to entire complexes. And the condo association will need to take an active role in submitting all the documents required for VA condo approval. 

See a list of VA approved condos in Miami at the bottom of this blog.

The Loft I - Downtown, Miami FL

Basic VA Condo Approval Guidelines

A complex must meet the following criteria, among others, to have its condos approved by the VA:

  • It should have at least 35% owner occupied units
  • There should not be more than 10% units that are 60 days delinquent on their HOA
  • The complex/building must have 20% of its condo budget in reserves for maintenance
  • All units must be covered by flood, hazard, liability plus any other insurance dictated by the State Law and acceptable by the HUD
  • There should be three years of acceptable financial documents

Types of VA Approved Condos

Accepted without Conditions This means that the condo complex has been reviewed by the VA and is eligible for VA financing.

HUD Accepted Before December 2009, condo projects approved by the HUD/FHA did not require a separate VA approval. However, post this change, it was declared that a condo development with such a prior approval would be "grandfathered" in and accepted as a VA approved condo project. In other words, an already HUD-approved project before December 2009 would not need to go through the VA approval process again. However, it is still advisable to verify the status of such a complex.

Unaccepted This means that units in the condo complex are not eligible for VA financing. There could be three reasons for such a status:

  • The condo community has never undergone the VA approval process
  • It does not have a pre-2009 HUD accepted status
  • It was submitted for review, but was denied by the VA

Quantum on the Bay - Edgewater, Miami FL

Quantum on the Bay - Edgewater, Miami FL

What is the VA Loan Limit in Miami, Florida and South Florida?

The VA home loan program, much like other zero down programs, has a set loan limit, beyond which you will need to put some money down. The VA loan limit in Miami-Dade for 2019 is $484,350, with a maximum guarantee of $1,000,000. This means that if you are planning to purchase a higher-priced condo in Miami, you will be required to make a down payment on top of your existing VA entitlement.

Can I Get a VA Loan for a Condo Not on The Approved List?

If the condo you like is not currently VA approved, your lender will have to get it passed before you can finance it with a VA home mortgage. For this, your lender will need to get the requisite documentation from the condo association (which it is not liable to share) and submit it to the VA. Also, do remember that this is a long process and could take a few months. So, we highly recommend looking at already approved condo projects.

The Charter Club - Edgewater, Miami FL

The Charter Club - Edgewater, Miami FL

Why Aren’t There More VA Approved Condos in Miami and South Florida (and in General)?

There are two main reasons why there aren’t more VA approved condos in South Florida. Many condo buildings vote down fully funding the reserves fund (essentially a savings account for future major repairs/replacements) in order to keep their monthly association fees lower. This goes against the reserves requirements required for VA condo approval. Second, many condo associations do not take the initiative to go through the VA approval process.

What are my alternatives to a VA home loan?

At times, it could be beneficial for a military borrower to look at options besides a VA home loan. This could be because they didn’t qualify, want to buy a second home or rental property, want to buy an expensive property, can afford putting 10-20% down, are looking to undertake renovations and need a flexible program, etc. In such cases, your options include:

  • FHA mortgages
  • USDA mortgages
  • Conventional mortgages

This article gives you detailed insight into the above options and how they compare to a VA home loan.

Yacht Club at Portofino - South Beach, Miami FL

Yacht Club at Portofino - South Beach, Miami FL

List of VA Approved Condos in Miami

We’ve put together this handy checklist of Miami’s VA approved condos to help you on your journey to becoming a condo owner:

CONDO NAMEADDRESSNEIGHBORHOODCityZip CodeYear builtPrice RangesArea (sq ft)
1060 Brickell1050 Brickell Ave & 1060 Brickell AvenueBrickellMiami331312013250,000-​999,500551-2,238
107 Mendoza107 Mendoza AveCoral GablesCoral Gables331342008N/AN/A
50 Biscayne50 Biscayne BlvdDowntown MiamiMiami331322008229,000-​1,000,000436-1,789
Brickell on the River South41 SE 5th StreetBrickellMiami331312008265,000-​520,000981-1,510
Cite2000 N Bayshore Dr and 2001 Biscayne BlvdEdgewaterMiami331372007235,000-​705,000707-1,453
Grove Garden Residences3225 Franklin AveCoconut GroveCoconut Grove331332006N/AN/A
Infinity at Brickell60 SW 13th StreetBrickellMiami331302008230,000-​950,000673-2,734
Loft Downtown I234 NE 3rd StreetDowntown MiamiMiami331322006199,000-​299,900625-1,185
Loft Downtown II133 NE 2nd AveDowntown MiamiMiami331322008190,000-​350,000620-1,153
Madison Downtown800 & 850 N Miami AveDowntown MiamiMiami331361998189,900-​320,000575-927
Millennium18671 Collins AvenueSunny Isles BeachMiami331602000699,000-​1,999,0001,680-2,230
Mirador North1200 West AveSouth BeachMiami Beach331391968170,000-​679,000552-1,071
Nautica5970 Indian Creek DriveMid-BeachMiami331402004332,000-​649,000950-1,715
Nevis Condo2650 37 AveCoral GablesMiami331332007335,000-​335,0001057
NIRVANA680, 700, 750, 777 64 StreetUpper East SideMiami331381972179,900-​350,000723-1,089
Parc Central East3300 NE 192 StAventuraAventura331801990220,000-​385,000910-1,181
Parc Central South3300 NE 191 St, AventuraAventuraAventura331801990196,400-​435,0001,065-1,302
Ponce Tower1805 Ponce De Leon BlvdCoral GablesMiami331342013270,000-​1,299,000708-2,201
Quantum on the Bay1900 N Bayshore DrEdgewaterMiami331322008229,000-​950,000594-1,970
Sail on Brickell170 SE 14th StreetBrickellMiami331312006215,000-​420,000630-1,090
The Charter Club600 Northeast 36th StreetEdgewaterMiami331371973254,800-​580,000757-1,850
The Yacht Club at Aventura19501 - 19999 E Country Club DriveAventuraAventura331801994224,900-​499,000730-1,500
Toscano7350 and 7355 SW 89th St,DadelandMiami331562007240,000-​450,000759-1,428
Yacht Club at Portofino90 Alton RoadSouth BeachMiami Beach331391999458,000-​2,200,000740-1,480
Contact Sep Niakan
Founder, Condoblackbook.com & Owner/Broker, HB Roswell Realty
(786) 930-4220
contact@condoblackbook.com
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Your Miami Condo Awaits

Recent Posts

March in Miami: Great Food, Fabulous Arts, and the Best of Sport!
Lifestyle March in Miami: Great Food, Fabulous Arts, and the Best of Sport!
March in Miami is not just about incredible weather and one more excuse to get outdoors, but it's also a month of an electrifying lineup of events. From the ULTRA music festival to a jazz festival, from tennis-lovers Miami Open to a major sailing regatta, and a NASCAR championship, from the Miami Film Festival, Carnaval and a Sunday Brunch with famed Chef Michael Schwartz, here's everything you need to know to have a sensational March in Miami: Miami Health and Wellness Months: February 1 – March 31 Various venues across Miami In case your New Year's fitness resolutions are falling a little, errr, behind, or you've fallen off the wagon entirely, then this is the perfect excuse to give your fitness routine a jumpstart! Explore Brickell by bike, take a spa and wellness yacht charter, tee off at Topgolf Doral, or get 30% off your gym membership at the JW Marriott Marquis. Continued from February, Miami's Health and Wellness program brings you tempting discounts on yoga classes, fitness...
Miami’s 15 Best Juice Bars
Lifestyle Miami’s 15 Best Juice Bars
We all know that Miami is one of the healthiest cities to live in, what with all of the sea, sand and sun. So there’s nothing like a freshly pressed juice to jumpstart your health kick. Plus, a tall glass of pressly pressed juice is known to fix many things – lethargy from a midnight binge, a Saturday-night hangover, the flu, sluggish metabolism, nutritional deficiencies, and even a bad mood. No matter what your reason to reach for an ACE or Green Goddess, these are the 15 best juice bars in Miami to get a fresh, yummy, health-packed pick-me-up that will certainly brighten up your day. Under the Mango Tree 737 5th Street, South Beach With a laid-back, bohemian vibe, this little juice and coffee shop serves some interesting hippie-approved blends. From its Happy Buddha Juice to Turmeric Latte and Marley Smoothie, your nutritious concoctions come with a side of good vibes. Locals also love this cozy spot for its delicious açai bowls. And, while you’re sipping on a glassful of...
Edgewater: Miami’s Best-Kept Secret Neighborhood
Real Estate News Edgewater: Miami’s Best-Kept Secret Neighborhood
Tracing the Biscayne Bay shoreline just north of Miami’s Arts and Entertainment District and the Venetian Causeway (NE 17th Terrace to I-95 and back along E. Coast Avenue) is the pocket-sized neighborhood of Edgewater. This water-facing community could be small in size but is definitely big on potential. Over the past decade, Edgewater has emerged as one of the most loved residential neighborhoods of Miami, with major developers like the Related Group to Melo Group and global brands like Missoni recognizing its value, proximity and community feel by building some of the finest specimens of luxury real estate in their Icon Bay, Aria on the Bay, and Missoni Baia offerings, respectively.  So, what makes Edgewater so appealing? Was it always this bayside paradise, safe and perfect enough to rank second on niche.com’s “Best Places for Young Professionals in Miami” and third on the “Best Neighborhoods to Raise a Family in Miami?” What’s the history behind this shiny new neighborhood loved...
9 Miami Architects You Have to Know
Opinions and Advice 9 Miami Architects You Have to Know
In the age of Starchitects, let’s not forget that Miami has been at the forefront of leading architecture for decades, which explains why tourists and architecture lovers flock here yearly to enjoy, and even live in, the Magic City’s eclectic subtropical architecture. So, who are Miami’s most notable architects, past and present? Want to live in one of Miami’s architectural gems? Read on to learn more about Miami’s ongoing love affair with architecture and some of the architects who have made Miami architecture so damn cool.  Past Miami Architects: Legends Francis Burrall Hoffman and Paul Chalfin  One of Miami’s oldest and most famous architectural landmarks is the breathtaking Villa Vizcaya, built in 1914 as the summer home of millionaire tycoon James Deering. Deering hired painter, curator, and art historian Paul Chaflin to help him envision the estate, and architect Francis Burrall Hoffman carried out the plan. A Mediterranean style palace on Biscayne Bay, complete with baroque...
Miami Beach Luxury Condo Market Report Q4 2019
Real Estate News Miami Beach Luxury Condo Market Report Q4 2019
CondoBlackBook.com's year-end data review of the overall Miami luxury condo market trends revealed an increase in Sales and Sales Prices, but also increases in Days on Market and Inventory from 2018 to 2019. While higher sales and prices show that the market is headed in the right direction, especially in the Mid/North Beach condo market, increase in inventory shows that there's still a long way to go before the market can stabilize and move out of its buyer-friendly zone. This 4Q19 report details how Miami Beach and its sub-neighborhoods fared annually as well as over the last quarter of 2019, along with tracing their alignment with the overall luxury condo market trends in Miami. For the purposes of this report, we've included the sub-neighborhoods of South Beach, Mid-Beach, North-Beach, Sunny Isles Beach, Surfside, Bal Harbour, and Fisher Island as part of our Miami Beach grouping. Also, this luxury condo market report only features properties priced at $1 million and...
Miami’s New and Pre-Construction Condo Update: January 2020
Real Estate News Miami’s New and Pre-Construction Condo Update: January 2020
South of Fifth's Ocean Park became the first preconstruction to launch sales in 2020. North Miami Beach’s Eighty Seven Park started closings. And, Legacy in the Arts & Entertainment District is bringing the first-of-its-kind rooftop atrium to Miami. Read on for details on these and more Miami preconstruction condo updates below: Closings Started Eighty Seven Park – North Beach Residents, including tennis superstar Novak Djokovic, are a step closer to enjoying their units as closings started in January for this oceanfront building. Designed by the Pritzker Prize-winning Renzo Piano, this boutique condo stands 18 stories tall with a total of 70 designer residences. Amenities at this luxury development include a two-acre private park, swimming pool with cabanas and towel service, Enoteca wine lounge, outdoor natural juice bar, salon, full-time botanist, gym and spa. Prices range from $2 million to $18 million, with a choice of one- to five-bedroom residences. Sales...