Condo Financing
Condo Mortgage Rates - Warrantable, Non-Warrantable, FHA, VA
Condos are financeable on Conventional, FHA, and VA - if the project meets the criteria. See live condo pricing below for all three programs.
Conventional Loan Facts
- Down payment as low as 3% for first-time homebuyers, 5% for others
- Down payment assistance programs available to fully cover the 3% down payment
- Private Mortgage Insurance (PMI) required below 80% LTV - automatically removed at 78%
- Maximum DTI typically 45%, up to 50% with strong compensating factors
- Minimum credit score generally 620; best rates at 740+
- Available for primary residence, second home, or investment property
- No upfront mortgage insurance premium - only monthly PMI if applicable
Condo Eligibility by Program
| Program | Project review | Rate impact |
|---|---|---|
| Conventional | Limited or Full review based on LTV | +0.25 to 0.75 fee adj at higher LTVs |
| FHA | Approved project list OR Single-Unit Approval | Same as FHA detached |
| VA | Approved project list required | Same as VA detached |
| Non-warrantable | Portfolio product (non-QM) | +0.5 to 1.5% in rate |
Frequently Asked Questions
How are condo mortgage rates different from single-family rates?+
Condos carry a small risk-based pricing adjustment compared to single-family detached homes - typically 0.25 to 0.75 in fees on Conventional loans at higher LTVs. The adjustment shrinks at 75% LTV and below. The pricer above prices condos accurately for your scenario.
What is a warrantable condo?+
A warrantable condo project meets Fannie Mae/Freddie Mac criteria: owner-occupancy ratio, no single-entity concentration, adequate reserves, no major litigation, and project completion. Warrantable condos qualify for standard Conventional financing.
What is a non-warrantable condo?+
A condo project that fails one or more agency criteria - investor-heavy, in litigation, low reserves, or otherwise outside guidelines. Non-warrantable condos require portfolio (non-QM) financing at a higher rate, typically 0.5% to 1.5% above standard Conventional.
Can I get an FHA loan on a condo?+
Yes if the project is FHA-approved. FHA maintains a list of approved condo projects; if yours is not on it, your lender can sometimes get it added or use FHA Single-Unit Approval for one unit at a time.
Can I get a VA loan on a condo?+
Yes if the project is on the VA-approved list. Similar process to FHA - the project must be approved for any unit to be VA-financed.
What about high-rise condos?+
High-rise condos work the same as low-rise for warrantability. The project criteria are identical. Property type may slightly affect appraisal complexity but not rate.
Is the $2,000 Best Price Guarantee available on condos?+
Yes - on qualifying fixed-rate Conventional Conforming, FHA, and VA condo loans of $200,000+. Non-warrantable condos financed through portfolio products are excluded since those are not Conv/FHA/VA.
Apply for condo financing
$2,000 guarantee on qualifying loans.
Start my application2-4 unit property
House-hacking financing
FHA loan rates
3.5% down on approved condos
VA loan rates
0% down on VA-approved condos