Condo Financing · Licensed in NJ, CT & FL · NMLS #1630225
Condo Financing — Warrantable or Non-Warrantable, We Have a Program That Fits
Condo financing is different from financing a house: the lender has to approve the building as well as the borrower. FHA, VA, and conventional loans require a warrantable project — and when a building fails those tests, most banks simply decline. We place condo mortgages across FHA, VA, conventional, and Non-QM programs, including non-warrantable buildings, condotels, and investment condos, with credit scores as low as 500. Mortgage-World.com (NMLS #1630225) is a licensed mortgage broker in New Jersey, Connecticut, and Florida.
Get My Free Condo Quote
Call 888.958.5382
★ Updated July 2026 | Condo Financing | Licensed in NJ, CT & FL | NMLS #1630225
3.5%
FHA Condo
Down Payment
500
Min Credit Score
FHA & VA
Yes
Non-Warrantable
Buildings OK
1 Hour
Typical Loan
Approval
Condo financing depends on two approvals: yours and the building’s. Below is every condo loan program we offer, the requirements for each, and what to do when a building is non-warrantable.
Your Answer Right Here
How It Actually Works
On a single-family home, the lender underwrites you and the appraisal. On a condo, the lender underwrites you and the building. Once your file is in, a condo questionnaire goes out to the HOA covering owner-occupancy rates, investor concentration, budget and reserve funding, dues delinquencies, pending litigation, and how much of the property is commercial space. The answers decide which loan programs are available to you.
That is why a buyer with a 780 credit score and 30% down can still be declined on a condo — not because of anything in their file, but because the building failed a test they never knew existed. And it is why the program has to be matched to the project, not just to the borrower.
Buildings fall into two buckets. Warrantable projects meet Fannie Mae and Freddie Mac standards and open up FHA, VA, and conventional financing at the lowest down payments and best pricing. Non-warrantable projects fail one or more of those tests — and most banks stop there. We do not: Non-QM, DSCR, and no-income-verification programs are built to finance those buildings.
The Building Test
Warrantable vs. Non-Warrantable Condos
| Building Status |
What It Means |
Programs Usually Open |
| Warrantable |
Meets Fannie Mae’s owner-occupancy, investor-concentration, budget, reserve, and litigation standards |
FHA, VA, conventional, and all Non-QM options |
| Non-Warrantable |
Fails one or more agency tests — often high investor concentration, active litigation, short-term rental use, heavy commercial space, or a new-construction budget that hasn’t matured |
Non-QM bank statement, asset-based, no income verification, and DSCR |
Program Guidelines
FHA, VA & Conventional Condo Loans
These are the lowest-down-payment condo options, and all three require a warrantable building.
| Program |
Min Credit Score |
Down Payment |
Building Requirement |
| FHA Condo Loan |
500 |
3.5% with a 580 score; 10% with 500–579 |
Building must carry FHA project approval on HUD’s condo approval list, or the unit must qualify under FHA’s single-unit approval option |
| VA Condo Loan |
500 |
0% |
Building must be VA-approved. Eligible veterans, active duty, and surviving spouses; no down payment and no monthly mortgage insurance |
| Conventional Condo Loan |
620 |
3%–20% |
Warrantable only — follows Fannie Mae and Freddie Mac condo project review standards for investor concentration, HOA finances, litigation, and commercial space |
When the Building Fails
Non-Warrantable & Non-QM Condo Loans
A non-warrantable building is not an unfinanceable building. These programs accept projects the agencies reject, generally in exchange for a larger down payment.
| Program |
Min Credit Score |
Condo Type |
Best Fit For |
| Bank Statement |
600 |
Warrantable & non-warrantable |
Self-employed buyers who qualify on 12–24 months of business or personal deposits instead of tax returns |
| Asset-Based |
600 |
Warrantable & non-warrantable |
Buyers with strong liquid reserves and little or no reportable income |
| No Income Verification |
620 |
Warrantable & non-warrantable |
Primary and second homes — no tax returns, W-2s, pay stubs, or bank statements reviewed |
| DSCR Investment |
600 |
Warrantable & non-warrantable |
Investment condos only — qualifies on the unit’s rental income, not your personal income |
| Jumbo Condo |
660 |
Typically warrantable |
Condo loan amounts above the conforming limit |
Guidelines shown reflect standard published program guidelines and are current as of July 2026. Exact terms vary by lender overlay, credit profile, and the specific condo project. This is not a commitment to lend.
Why Buildings Get Flagged
What Makes a Condo Non-Warrantable
High Investor Concentration
When too many units are owned by investors rather than owner-occupants, the project fails agency owner-occupancy standards. Common in resort, beach, and downtown high-rise markets.
Pending HOA Litigation
Active lawsuits involving the association or the building’s structure make a project non-warrantable for agency financing until they resolve.
Short-Term Rental Programs
Buildings running active short-term rental or hotel-style programs are automatically flagged, and condotels are ineligible for agency loans entirely.
Thin Reserves or Budget
Associations that do not fund reserves at agency minimums, or new-construction budgets that haven’t matured, fail project review.
Excess Commercial Space
When too much of the building is retail, office, or other commercial use, the project falls outside agency limits.
Dues Delinquencies
Too many owners behind on HOA dues signals financial instability and trips the warrantability test.
Full Picture
What Determines Your Approval
The Building’s Status
The first question we answer. Warrantable projects unlock FHA, VA, and conventional. Non-warrantable routes you to Non-QM, DSCR, or the no income verification program.
Your Credit Score
FHA and VA reach down to 500, conventional starts at 620, most Non-QM condo programs start near 600, and jumbo requires 660. See {‘
credit score requirements‘}.
Down Payment
0% on VA, 3.5% on FHA, 3%–20% conventional, and generally 10%–25% on Non-QM in exchange for accepting a non-warrantable building.
Debt-to-Income Ratio
Standard program rules apply — see {‘
debt-to-income ratio‘} for the limits on each. DSCR condos skip personal DTI entirely and qualify on rent.
Occupancy
Primary residence, second home, or investment all have a path — but the path differs. FHA and VA are owner-occupied only; DSCR is investment only.
The HOA Questionnaire
The document that decides everything. We order it early, because how fast the association returns it usually sets your closing timeline.
Condo Financing Near You
Condo Financing by Market
We finance condos across New Jersey, Connecticut, and Florida. These pages cover the buildings, rules, and programs in specific markets.
Condo mortgages across Hoboken and the New Jersey waterfront.
Warrantable and non-warrantable condo financing across Miami-Dade.
Condo and condotel financing in Miami’s Brickell district.
Island condo financing, including non-warrantable towers.
Condo loan options across Tampa and Hillsborough County.
Condo financing across St. Pete and Pinellas County.
Condo financing with no tax returns — including condotels.
Condo financing for buyers without U.S. income or credit.
Statewide Florida condo financing with no tax returns or income docs.
Related programs: FHA loans · VA loans · conventional loans · bank statement loans · DSCR investor loans · no income verification mortgage · jumbo loans.
What Clients Say
Real Reviews From Real Borrowers
Here’s what a few of our clients said about working with Mortgage-World.com.
★★★★★
“Chris Luis is the BEST mortgage broker on this planet! If you’re looking to buy a home, definitely give him a call. Chris will go above and beyond to try to help you!”
— Tanya W.
★★★★★
“I had an opportunity to work with Chris when I did my refinancing. I would highly recommend his services to anyone. He was efficient, helpful and very prompt in responding.”
— Aurora T.
★★★★★
“Julia Luis has been very professional and has been very helpful during the process! Anyone looking for someone to assist them in their future adventures needs to have her on your side! Thank you for being there for me!!”
— Joel F.
Read more from our clients: Read More Reviews →
Common Questions Answered
Condo Financing Questions
Why is financing a condo harder than financing a house?
Because the lender has to approve two things, not one: you and the building. On a single-family home only your credit, income, and the appraisal matter. On a condo, the lender also reviews the HOA’s finances, owner-occupancy ratio, investor concentration, reserve funding, pending litigation, and commercial space. A perfectly qualified buyer can still be declined because of the building — which is why the program has to be matched to the project, not just to the borrower.
What is a warrantable vs. non-warrantable condo?
A warrantable condo meets Fannie Mae and Freddie Mac standards for owner-occupancy, investor concentration, HOA budget and reserves, litigation, and commercial space. Those buildings open up FHA, VA, and conventional financing. A non-warrantable condo fails one or more of those tests — commonly high investor concentration, active HOA litigation, short-term rental programs, or a new-construction budget that hasn’t matured. Non-warrantable does not mean unfinanceable; it means the loan has to go to a lender who reads the full condo questionnaire instead of stopping at the first flag.
Can I get an FHA loan on a condo?
Yes, if the building carries FHA project approval on HUD’s condo list, or if your individual unit qualifies under FHA’s single-unit approval option even when the whole project isn’t approved. FHA condo financing allows 3.5% down with a 580 credit score, or 10% down with a score between 500 and 579. Approval status can change, so we verify the building with HUD before recommending FHA on any specific condo.
What credit score do I need to buy a condo?
It depends on the program. FHA and VA go down to a 500 credit score, conventional starts at 620, and Non-QM condo programs generally start around 600. The building matters as much as the score: FHA, VA, and conventional require a warrantable project, while Non-QM, DSCR, and no-income-verification programs can finance non-warrantable buildings.
Can I finance a non-warrantable condo?
Yes. Non-QM programs are built for exactly this — bank statement loans for the self-employed, asset-based loans for borrowers with strong reserves, the no income verification mortgage program, and DSCR loans for investment condos. These accept buildings that FHA, VA, and conventional will not, typically with a larger down payment in exchange for the flexibility.
Can I buy an investment or rental condo?
Yes. A DSCR loan qualifies an investment condo on the unit’s rental income rather than your personal income, and it works in both warrantable and non-warrantable buildings. Conventional investor financing is also available when the project is warrantable.
How long does condo financing take?
The same as any mortgage on your side — we can usually issue a real loan approval in under an hour, and we are typically clear-to-close in about 12 days. The variable is the building: the lender sends a condo questionnaire to the HOA, and how fast the association returns it often sets the pace. We order it early for that reason.
Written By: Chris Luis — Broker/Owner, Mortgage-World.com — NMLS #1630225
I’ve been placing refinance loans for homeowners and investors since 2002. Whether you’re chasing a lower rate, pulling cash out for a project, or getting rid of mortgage insurance, my team and I will go through your situation and give you an honest answer about what’s available — no obligation, no hard sell.
