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Conventional Mortgage Condo Requirements | Condo Options

byNicholas Auriemma, NMLS# 1455001
4 years ago
inPurchase
Conventional Mortgage Condo Requirements

Conventional Mortgage Condo Requirements | Condo Options

Looking for conventional mortgage condo requirements? This article will go over:

  • Fannie Mae condo requirements.
  • Freddie Mac condo requirements.
  • And condos that do not meet Fannie Mae and Freddie Mac requirements.

Understanding guidelines for condos will prevent any delay in condo financing.

Fannie Mae Condo Requirements

Fannie Mae has eligibility requirements when it comes to condos, co-op, and planned unit developments (PUD).  When determining a project eligibility risk, factors for risks are distinct when determining if the project meets the requirements.

During the mortgage process, a condominium project questionnaire  is completed by the homeowners’ association or management company to streamline the process.  This is not a borrower’s duty to determine if a project meets Fannie Mae’s eligibility requirements, but should be considered to prevent any unforeseen circumstances.

Minimum Down Payment

The minimum down payment on a condo is 3% for primary residences and grants are available to borrowers who qualify.  The minimum down payment for a second home is 10% and 15% for an investment property.

Freddie Mac Condo Requirements

Freddie Mac has condoominium requirements similar to Fannie Mae. The minimum down payment is 3% made available through the HomeOne  and Home Possible program with grants available.  When choosing an option and determining condominium requirements, a borrower can ask either if Fannie Mae or Freddie Mac has favorable terms.  

Eligibility for Condos

In order to get pre-approved for a condo, a borrower should reach out to a Loan Originator and ask for a list of documents required. The Loan Originator will review all documents and run the Automated Underwriting System (AUS) to determine eligibility.  AUS is run during the pre-approval process that analyzes credit, capacity, and collateral.

In some cases, a Loan Originator can be mistaken when it comes to condo financing.  A loan can get denied because of a mortgage company not being able finance condos outside Fannie Mae condo requirements and Freddie Mac condo requirements.

Other Types of Financing for Condos

FHA condo financing:

  • Project have to be FHA-approved.
  • 3.5% minimum down payment with grants available.

Condotel and non-warrantable condo financing:

  • Financed through wholesale portfolio lending.
  • Not all lenders are willing to finance these types of properties.
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Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma is a Loan Originator at Nationwide Mortgage & Realty, LLC, providing information on mortgages that can often be confusing even to real estate and mortgage professionals. Borrowers can be discouraged because mortgage professionals can be mistaken due to guidelines always changing, the extent of guidelines, their company having an overlay (stricter guideline), or other lenders not offering a loan program. Call or text Nick anytime at 630-779-8430 or email at nick@nationwidemtg.net.

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  • Home
  • Request Information
    • Apply Now
  • About Us
    • Career Opportunities
    • Contact Us
    • Meet the Team
  • Purchase
    • Conventional Loan
    • Condotel & Non-Warrantable
    • FHA Loan
    • FHA 203k
    • Fix & Flip
    • Investment
    • Jumbo & High Balance
    • New Construction
    • Non-QM Loans
    • USDA Loan
    • VA Purchase Loan
  • Refinance
    • Cash Out & Debt Consolidation
    • Conventional Refinance
    • Condotel & Non-Warrantable
    • FHA 203k
    • FHA Streamline Refinance
    • Investment
    • Non-QM Loans
    • Reverse Mortgage
    • VA IRRRL
  • Loan Process
    • Application Checklist
    • Credit Report
    • Home Buying Do’s and Don’ts
    • Interest Rates
    • Mortgage Calculator
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