Can You Buy a Condo With an FHA or VA Loan in Des Moines? (2026 Guide)
Condos can be an affordable entry point into homeownership in the Des Moines area. But many buyers are surprised to learn that not every condo qualifies for FHA or VA financing.
If you’re planning to use an FHA or VA loan in 2026, here’s what you need to know before shopping for a condo.
Why Condo Financing Is Different
Unlike single‑family homes, condos involve:
Shared ownership of common areas
Homeowners associations (HOAs)
Collective insurance and budgeting
Because of this, FHA and VA must approve the entire condo project, not just the individual unit.
FHA Condo Approval Rules
For a condo to be eligible for an FHA loan:
The project must be on the FHA‑approved condo list, or
The unit must qualify for single‑unit approval
FHA reviews factors like:
Owner‑occupancy rates
HOA financial stability
Insurance coverage
Delinquency levels on dues
If the project doesn’t meet these standards, the loan may be denied—even if the buyer is fully qualified.
VA Condo Approval Rules
VA loans have a similar requirement.
For a condo to qualify:
The project must be on the VA‑approved condo list
The VA evaluates:
HOA financial health
Legal structure of the project
Insurance and maintenance standards
If the condo isn’t approved, the buyer would need:
The association to go through the approval process, or
A different financing option
Are There FHA or VA‑Approved Condos in Des Moines?
Yes—but inventory can be limited.
In many markets, including parts of Des Moines:
Some condo projects are approved
Many are not
Approval status can change over time
This means buyers using FHA or VA loans should:
Check approval status early
Work with agents and lenders familiar with condo financing
Common Condo Loan Pitfalls
FHA and VA condo purchases often run into issues such as:
The project not being approved
High HOA delinquency rates
Insufficient insurance coverage
Ongoing litigation within the association
These issues can delay or completely block financing.
Tips for FHA and VA Condo Buyers
To avoid surprises:
Get pre‑approved before shopping
Ask about condo eligibility early
Focus on approved projects
Avoid writing offers on unapproved condos without a backup plan
Bottom Line
Yes—you can buy a condo in Des Moines with an FHA or VA loan, but the entire condo project must meet approval guidelines.
Before falling in love with a specific unit, make sure the project is eligible. It can save you weeks of frustration and potential contract cancellations.
