Mortgage Answers / Homebuying Decisions
The Short Answer
A condo may qualify for a mortgage, but the lender reviews both your application and the condo project. The unit, building finances, insurance and loan program can affect the result. Ask about the project before relying on a price or letter.
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Explore Your OptionsThe unit and project need review.
An automatic yes
The details still need review.
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Your personal loan review is only one part. The lender also needs information about the condo project.
Tell the lender which unit you are considering. Ask which loan programs it can review for that property.
Ask for the project and insurance records the lender requests. A preapproval letter does not approve a particular project.
Check the full payment, association fees and any remaining conditions before committing.
Do not assume every condo works with every mortgage. Ask what project records the lender needs.
Ask who can supply the association and project records. Do not rely only on the seller saying financing is available.
Have the lender explain the required project review and which facts remain unknown.
Track your contract dates with your real estate professional while the loan review continues.
A project issue can affect the loan even when your own finances look strong. Ask what the concern means.
Ask the lender to explain the specific project or insurance concern in plain English.
Find out whether more records or a different permitted loan option can be reviewed. Do not assume the issue can be waived.
Discuss contract deadlines and next steps with your real estate professional or attorney.
More than one path
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A condo may qualify for a mortgage, but the lender reviews both your application and the condo project. The unit, building finances, insurance and loan program can affect the result. Ask about the project before relying on a price or letter.
A project issue can affect the loan even when your own finances look strong. Ask what the concern means.
Preapproval is a lender's tentative statement about a loan amount based on information and assumptions reviewed. It can help you shop, but it is not a guaranteed mortgage or approval of a particular property.
A value below the purchase price can change the loan and the cash you may need. Review the report with the lender and your real estate professional. Contract terms, possible price changes and any review of factual errors affect your options.
Title insurance addresses certain covered problems with property ownership rights. A policy protecting the lender and a policy protecting the owner have different jobs. Read the coverage, exclusions and exceptions with the title professional before closing.
No. The lender reviews the property and project as well as your own application.
Yes. Ask which project, association and insurance information the lender needs for the loan review.
No. The actual unit, project, loan program and current review still matter.
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Willa Henderson
Fayetteville, NC
We were blown away by how fast and seamless our closing process was with Troy. He locked in a great rate quickly and handled every detail so we could move into our home on schedule!
Yara Mansfield
Show Low, AZ
Troy and his team got us to the closing table in record time. They were super efficient and kept everything moving fast!
Victor Salgado
Boulder, CO
Every buyer's situation is different. Let's find the right path for you.