Condo
Tailored Loans for Multi-Unit Property Ownership
Condo Requirements
500
Credit Score
Condo loans are accessible with credit scores starting at 500. If your score is lower, we're here to explore other financing options with you.
3%
Down Payment
The minimum down payment is based on several factors, including loan type, credit score, and debt-to-income (DTI) ratio.
43%
Debt-to-Income Ratio
Your total monthly debt, including the new mortgage, should not exceed 43% of your gross monthly income. Exceptions can be made for borrowers with strong compensating factors.
Other Requirements
Association Approval
Some condo associations have their own approval processes and criteria that must be met.
Insurance Requirements
Condo mortgage loans might have specific insurance requirements, including personal condo insurance and a review of the condo association's master policy.
Condo Certification
The condo will likely need to undergo an appraisal, and the wholesaler might also require a certification to ensure that the condo meets certain standards and guidelines.
