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Specific Programs & Property Types
The lender approves the condominium project as well as you and the unit. It reviews the HOA's finances, insurance, ownership mix and any litigation, and the monthly HOA dues count in your debt-to-income ratio.
What a lender typically looks at:
Your agent can request the HOA documents early. Frank's lenders send the project questionnaire to the HOA or its management company as part of the loan.
A warrantable condo is in a project that meets Fannie Mae or Freddie Mac standards, so it can be financed with a conventional loan. Non-warrantable projects need other financing, usually with more down and different pricing.
Common reasons a project is non-warrantable include a high share of investor-owned units, a single owner holding many units, low reserves, pending litigation, a large commercial component, or hotel-style features such as a mandatory rental pool or front desk (often called a condotel).
Non-warrantable does not mean unfinanceable. Portfolio and non-QM lenders review many of these projects, typically with larger down payments and different terms. Which lenders will look at a given project varies, which is where comparing lenders helps.
Yes, if the project qualifies. FHA generally requires the project to be on HUD's approved list or the unit to receive single-unit approval. VA requires the condominium to be approved by VA.
You can check whether a project is FHA-approved with HUD's condominium lookup (opens in a new tab). If it is not, single-unit approval may be possible for some projects. VA keeps its own list of approved condominiums; Frank can check a project's status for you.
A condo that is not approved for FHA or VA can still be financed with a conventional loan if it is warrantable, so it is worth checking every option before ruling a unit out.
About the same as a house on the same program for a primary residence, as long as the project qualifies. Second-home and investment condos, and non-warrantable projects, typically need more.
For a primary residence in an eligible project, the usual minimums apply: as little as 3% down for qualified buyers on conventional, 3.5% on FHA, and no down payment on VA with full entitlement. For a vacation condo, see second homes; for a rental, see investment properties.
Remember to budget for the HOA dues in your monthly payment. The payment calculator has a field for them.
Ask for the HOA's budget, reserve study, CC&Rs, rental rules, insurance summary, meeting minutes and any notice of special assessments or litigation.
A short checklist:
To see which programs fit a specific condo, start a quote or schedule a call. Any figures before underwriting are estimates only, not a commitment to lend.
Sources: Fannie Mae Selling Guide (opens in a new tab); Freddie Mac Single-Family Seller/Servicer Guide (opens in a new tab); HUD: FHA-approved condominiums lookup (opens in a new tab); HUD Single Family Housing Policy Handbook 4000.1 (opens in a new tab); VA Lenders Handbook (VA Pamphlet 26-7), benefits.va.gov (opens in a new tab); CFPB: Loan Estimate explainer (opens in a new tab).
Education, not a loan offer. Program rules come from agency guidelines; lenders add their own requirements, and rules change. Not a commitment to lend.
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