06/04/2026
Condo life can be great! Less maintenance. Cool amenities.
When you are shopping for a condo there are a few extra things to consider when it comes to financing!
- Not only do you need to qualify for the loan; the subject condo needs to meet appraisal guidelines AND the condo community as a whole must also meet loan requirements!
- Government loans have approved lists of condos or a special exception must be made.
- Homeowners Association Fees are what helps fund the community and its amenities. They vary drastically community to community. HOA fees go into the Debt to Income Ratio and this is what determines what you qualify for! On one condo- HOA fees could be 225 a month....on another they could be 825! This will impact what you can afford.
Staying close to your LO and Real Estate Agent is the best way to avoid condo pitfalls!!!