What gets reviewed
- HOA finances: whether the association has enough reserves and how many owners are behind on dues
- Insurance: whether the building has adequate coverage
- Building condition: major repairs or safety issues, especially in older buildings
- Owner occupancy and investor concentration: how many units are rentals or owned by one person
- Lawsuits involving the HOA
The condo questionnaire
The HOA fills out a questionnaire for your lender. Ask for it early. Some HOAs take a week or more to respond.
If the building doesn't meet standard guidelines
Some projects don't meet conventional, FHA, or VA requirements. That doesn't always mean you can't buy. We have other options for these buildings, sometimes with a larger down payment.
Frequently asked questions
Can I use FHA or VA for a condo?
Yes, if the project is approved or can be approved. We'll check before you make an offer.
Do special assessments matter?
Yes. Tell us about any planned assessments so we can include them.