Conventional Condo Home Loan

Conventional Condo GuidelinesConventional condo financing requires that the condo project be approved for Conventional financing.  Mortgage lenders utilize 2 types of condo reviews to determine a projects Conventional mortgage eligibility. 

  1. Limited Condo Review (preferred)
  2. Full Condo Review

Mortgage lenders select the condo review type based on three factors:

  1. Occupancy Type
  2. Down Payment
  3. Completion Status of the condo project

How do Limited Condo Reviews differ from Full Condo Reviews?

Limited Condo Review (preferred)

A Limited Condo Review is a streamlined condo project review.  However, it is not always an option.

When Does a Condo Qualify for a Limited Condo Review? Contact The HOUSE Team for more information.

Benefits of a Limited Review:

  • Percentage of rental condos (“investor concentration”) in the project does not matter
  • The percentage of delinquent HOA dues does not matter
  • The percentage of HOA revenue allocated to reserves does not matter
  • Full condo questionnaire, budget, legal condo doc review not required

Documents Required for a Limited Condo Review

  1. Completed appraisal
  2. HOA’s master blanket insurance policy 
    *additional documents may be required

Full Condo Review

When is a Condo Subject to a Full Condo Review? Contact The HOUSE Team for more information.

Documents Required from for a Full Review

  1. Full condo questionnaire
  2. HOA’s master blanket insurance policy 
  3. HOA’s complete budget for most recent year
    *additional documents may be required

The HOUSE Team Speaks “Condo”

The HOUSE Team is experienced and knowledgeable in condo financing.  Mortgage rules and the loan process differ with condo financing relative to financing a single family property.  If you need an expert condo lender on your team, contact us today.

Team Phone:  602.435.2149 Team Email:  Team@JeremyHouse.com
Condo Links:
FHA Condo Rules VA Condo Rules
Condo Resource Home Page