Condo Loans | Buy or Refinance a Condo with LendFriend Mortgage

Why Homebuyers Trust LendFriend With Their Condo Loans

At LendFriend Mortgage, we specialize in condo loans designed for buildings with HOA oversight, shared expenses, and lender-specific approval requirements. Whether you’re buying, refinancing, or financing a condo in competitive urban markets like Downtown Austin or Charlotte, we focus on deals that close cleanly—without last-minute condo issues.

Here’s why condo buyers and owners choose LendFriend:

We understand condo financing rules. Condo loans aren’t just about the borrower. They’re about the building. We review HOA budgets, insurance coverage, owner-occupancy ratios, and lender requirements early to help avoid approval problems later.
Experience with warrantable and non-warrantable condos. Not every building qualifies for standard financing. We help structure condo mortgage loans for both warrantable and non-warrantable condos by matching the property to the right lender from the start.
Flexible loan options for condo buyers. We offer a full range of condo loans, including conventional, FHA-approved condos, jumbo condo mortgages, and select Non-QM options like bank statement loans and asset depletion mortgages, when traditional guidelines fall short.
Clear guidance on condo fees and affordability. Monthly HOA dues impact debt-to-income calculations and loan approval. We factor condo fees into your financing strategy upfront so there are no surprises.
Broker access to multiple condo lenders. As a mortgage broker, we aren’t limited to one bank’s condo rules. We compare lenders to find the best fit for your building, loan size, and financial profile.

Most Lenders Treat Condo Loans Like Ordinary Mortgages. Here's Why That's a Mistake.

Condo financing requires a different approach than single-family home loans. When lenders treat condo loans like standard mortgages, critical issues tied to the building itself—HOA finances, insurance coverage, and eligibility requirements—are often missed until late in the process, putting approvals and closing timelines at risk.

We focus on structuring condo mortgages correctly from the start, so problems are identified early and your purchase or refinance stays on track.

We Understand Warrantable vs. Non-Warrantable Condos

Not all condos qualify for traditional financing. A warrantable condo meets standard lender guidelines, while non-warrantable condos require specialized loan programs and often come with additional financing costs.

We help you understand:

Whether your condo is warrantable
What loan options are available if your condo is non-warrantable
How non-warrantable status can affect your mortgage rate, down payment requirements, and overall loan costs

Knowing this upfront avoids last-minute changes and pricing surprises.

We Review Condo Questionnaires, Budgets, and Insurance Early

Condo loans rely heavily on HOA documentation. We review condo questionnaires, HOA budgets, and master insurance policies early in the process to confirm the building meets lender requirements—or to adjust strategy if it doesn’t.

By addressing these details upfront, we help keep your condo financing on schedule and reduce the risk of delays, re-approvals, or failed closings.

We Provide the Flexibility that Condo Financing Requires

As a mortgage broker, we aren’t limited to one lender’s condo rules. When a building or HOA creates complications, we can pivot to lenders and programs designed for complex condo mortgage loans, helping keep your deal moving forward.

How to Get a Condo Loan

Most condo buyers start the financing process before choosing a specific building—and that’s exactly how it should be. Getting the right condo loan starts with understanding your budget, loan options, and how condo rules may affect your purchase once you’re under contract.

Get Pre-Approved With LendFriend

The first step is a strong pre-approval. At LendFriend, we evaluate your income, assets, credit, and loan options upfront so you know exactly what you can afford before you start touring condos. This also allows us to flag potential condo-specific considerations early, rather than reacting to them later.

Understand Condo Loan Guidelines Before You Shop

Condos follow different financing rules than single-family homes, and those rules matter long before you choose a building. Understanding how HOA fees, building eligibility, and loan program requirements work upfront helps you focus on condos that are financeable—not just attractive.

When possible, we encourage buyers to prioritize warrantable condos. Warrantable buildings typically qualify for better financing options, lower interest rates, and more flexible loan terms. They’re also easier to resell, since you’ll be marketing to a larger pool of buyers whose lenders prefer—or require—warrantable properties.

Non-warrantable condos can still be financed, but they often come with higher rates, larger down payment requirements, and fewer loan options. Starting with warrantable condos helps keep financing simpler, more affordable, and stronger from a long-term resale perspective.

Review the Building Once You’re Under Contract

After you’ve chosen a condo, we review the HOA documents, budget, and insurance to confirm the building meets lender requirements. We also encourage buyers to review these materials themselves to make sure the HOA is financially sound, not operating at a loss, and not facing upcoming special assessments.

Finalize the Right Condo Loan and Close

Once the condo and financing are aligned, the loan moves through underwriting and toward closing. Proper pre-approval and early review help avoid delays, re-approvals, or last-minute surprise.

Are condo loan rates higher than single-family home rates?

Condo loan rates are often comparable to single-family home rates when the building is warrantable. In those cases, buyers typically have access to the same competitive pricing and loan programs available for detached homes.

Rates tend to increase only when the building adds risk—such as non-warrantable status, weak HOA finances, limited insurance coverage, or restricted lender options. In those scenarios, fewer lenders are willing to offer financing, which can lead to higher rates and stricter terms.

Choosing a warrantable condo—and identifying potential building issues early—helps keep rates competitive and financing straightforward.

What are the down payment requirements for a condo loan?

Down payment requirements vary by loan type and building eligibility. Warrantable condos often qualify for lower down payments under conventional or FHA financing, while non-warrantable condos typically require larger down payments and fewer loan options.

How do you know if a condo building is warrantable?

A condo is considered warrantable if it meets Fannie Mae guidelines related to owner-occupancy, HOA reserves, insurance coverage, and litigation status. This is determined by reviewing the condo questionnaire, HOA budget, and master insurance policy. Underwriters make the final determination on whether a building is warrantable based on the uniform guidelines, but early review by your lender before or shortly after going under contract helps identify eligibility upfront.

Do HOA fees affect condo loan approval?

Yes. Monthly HOA fees are included in your debt-to-income calculation and can affect how much you qualify for. High HOA dues may reduce purchasing power, even if the condo price itself is reasonable.

Can you get a mortgage for a non-warrantable condo?

Non-warrantable condos can often be financed, but they usually require specialized lenders, higher down payments, and may come with higher interest rates that most borrowers aren't interested in paying. Not all lenders offer these programs, which is why working with a mortgage broker can help expand your options.

Should I get pre-approved before choosing a condo?

Absolutely. Getting pre-approved helps you understand your budget and loan options before shopping. It also allows your lender to flag condo-specific considerations early, helping you focus on buildings that are more likely to qualify for financing.

What is a special assessment?

A special assessment is a one-time or temporary charge levied by a condo association to cover major expenses not funded through regular HOA dues—such as roof replacements, structural repairs, or unexpected maintenance. Special assessments can impact affordability and, in some cases, loan approval, which is why they’re reviewed during condo financing.

I have nothing but great things to say about Eric Bernstein and his team at LendFriend! Truly white-glove service from beginning to end, making my home buying journey so much easier than ever before. Eric took the time to ensure I understood my options upfront and acted VERY quickly when I was asking for updates on the fly! I am so pleased with my experience overall and new loan, especially in this era of home buying. I feel as though I got a solid rate and understand how to take advantage of lower rates in the future, with their help of course! It was an absolute pleasure working with Eric and his all-star team - from the first phone call to closing day, I trusted the team to ensure everything went off without a hitch (which it did!). It was as seamless of a process as it could be and I always felt like I was a priority. Their communication is outstanding and dedication to delighting their clients is untouched. I highly recommend working with this group - you will be in wonderful hands too!!

Suzanne Peterson

Closed November 2025
Eric and his team was so amazing! They were so responsive and helped us come up with great strategies along the way! Eric would respond literally at any time of the day and they were able to help us manage a really quick close! We are so grateful for their support!!

Jo Reyes

Closed November 2025
Eric and his team were amazing to work with. They helped us through every step of the home buying process and were always available to answer our questions when needed. This was our second home, and having Eric and LendFriend on our team made everything much much easier than the first time around. Can't recommend them enough.

Adam Mangen

Closed September 2025
Professional, responsive, and easy to work with from start to finish, they made the process smooth and stress-free!

Lisa Salzberg

Closed July 2025
Eric and team were so helpful through the process. As first time home buyers, we relied on his expertise and education to ensure we felt confident in making informed decisions in the lending process. We shopped around for lenders and Eric stood out for his advocacy and time spent ensuring we were setup for success. He was flexible with our slowed down - and then sped up time frame, showing patience and adaptability. The process was smooth and we couldn’t be happier with the result.

Ellen Lovell

Closed August 2025
Lend Friend made the entire process simple and stress-free. Their team was professional, responsive, and took the time to explain everything clearly. I really appreciated the fast approval and fair terms. It felt like they truly cared about helping me, not just pushing paperwork. Highly recommend them to anyone looking for a trustworthy lending service!

Terence Priest

Closed July 2025