Financing for Condominium Properties with Lender-Approved Structures
Condo loans are mortgage programs designed to finance condominium units, subject to both borrower qualification and condominium project approval. Unlike single-family homes, condos require an additional layer of underwriting tied to the association and project health.
Primary • Second homes • Investment condos (program-dependent)
A condo loan is a mortgage used to purchase or refinance a condominium unit within a managed association. Approval depends not only on your financial profile, but also on whether the condo project meets lender and agency guidelines.
Condo financing is available through:
Condominium loans involve two levels of risk review:
Because of this, condo loans require specialized underwriting and lender experience.
Projects that meet standard agency guidelines, typically allowing:
Common characteristics:
Projects that fall outside standard guidelines. These may still be financeable using portfolio, jumbo, or non-QM programs.
Common reasons include:
Condo mortgage programs may be available for:
Eligibility depends on loan type, occupancy, and project status.
| Occupancy TypeTypical | Minimum Down Payment |
|---|---|
| Primary Residence | 3%–5% |
| Second Home | 10% |
| Investment Condo | 15%–25% |
| Rate Lock | Available on construction-to-permanent loans |
| Non-Warrantable / Jumbo | 20%+ |
Actual requirements vary by lender and project.
Best pricing when the project is warrantable and meets agency guidelines.
Available only for FHA-approved condo projects or approved single units.
Used for high-value condo units exceeding conforming limits.
Designed for non-warrantable condos or complex projects.
Condo loans require careful review of both borrower and association documentation. At Loans by Kelly, we specialize in navigating condo approvals and matching each unit with the correct lending program.
If you’re buying or refinancing a condo, the right loan structure matters. Loans by Kelly helps you avoid delays and surprises by addressing condo eligibility upfront.
3 Simple Steps to Get Pre-Approved with Confidence
We begin with a quick conversation to understand your goals, review your financial situation, and identify the best loan options for you.
We match you with the right loan option, whether you’re a first-time homebuyer, investor, self-employed borrower, or using alternative documentation.
Submit your application and receive a fast, no-obligation pre-approval, so you can move forward with confidence.
