Quick Takeaways

  • Lenders review your financial information and the financial health of the condo association
  • Include the condo fee in your mortgage
  • Compare lenders and get preapproved

Source: How Does a Condo Mortgage Work? (U.S. News & World Report, Apr. 10, 2024)

New to the condo market?  Learn about the six types of condos, condo buying tips and pros and cons of a condo purchase.

Condominiums are operated by homeowners’ associations (HOAs).  Bankrate explains homeowners’ associations and The Balance discusses condominium fees. Unchanging association fees denote a problem.  Fees should be raised gradually over time to account for repairs and maintenance.

Specialists are needed to assess the structural soundness of a condominium, says REALTOR® Magazine. As a result of the Surfside collapse, Fannie Mae and Freddie Mac made changes that will affect condo sellers.  Realty Biz News explains the changes. Why are condos so popular?  They are more affordable than single family homes and the hottest thing in real estate, according to realtor.com®.

Find out how locate an FHA approved condo. Bankrate discusses an option for condo loans—a non-warrantable loan. These loans have less stringent underwriting requirements but there may be less money available.

Expand your knowledge of condominiums through our list of curated websites. Get information from sources such as HUD, IREM, Fannie Mae and Freddie Mac.

See References for more information.

Condominiums Topics