Condo loans
Every kind of condo, for every kind of buyer — warrantable, non-warrantable, investment, even condotels. We do them all here at Andes Mortgage.
Here’s an interesting fact most condo buyers don’t know: a condo loan approves two things, you and the building.
As experts in condo lending, we handle both, and we shop it across our lenders so that you get the best rates and most importantly, so that it actually closes.
Andes Mortgage · NMLS #2187991
Licensed in GA, FL, TX, SC, AL
Independent brokerage since 2013
Don’t overcomplicate it.
A condo mortgage works like any other loan with one extra step: the lender also has to approve the project — the HOA, the reserves, the insurance, who owns the units and more.
A great buyer can still get turned down because of the building. That’s where a broker like Andes beats a bank: we know which lenders say yes to which projects, and we check the building before you fall in love with it.
A condo lender approves two things
Most buyers make the mistake of assuming that only their qualifications is the only thing that matters.
When it comes to condos, two things are equally important. Get both through and you close. Most surprises come from the fact that the condo doesn’t qualify — so we look at this first.
Your file
The normal stuff — income, credit, assets, down payment. At Andes, we have full income documentation “Full-Doc” and alternative income “Alt-Doc” paths, so self-employed and investor buyers qualify too.
- W-2, bank statement, 1099, P&L, asset depletion, DSCR
- Primary, second home or investment
The project
The part that trips people up and you can’t see it up front. Lenders review the HOA budget, reserves, insurance, litigation and owner-occupancy. If the project doesn’t fit agency rules, it’s considered “non-warrantable”. Most lenders kill it. Not us. We finance Non-Warrantable loans everyday.
- Warrantable, non-warrantable & condotel programs
- We pre-screen the building for free
Condo loan options
Not sure which one fits? Take our tool, Mortgage Match™ and we’ll point you to it in about two minutes.
For warrantable projects that meet Fannie Mae or Freddie Mac rules. Lowest rates, lowest down payments.
3.5% down on FHA-approved condo projects. Great for first-time buyers — the project must be on the FHA list.
$0 down for eligible veterans on VA-approved condo projects. We help confirm the building qualifies.
When a project fails agency rules — investor concentration, litigation, commercial space, condotel features. Financed through Non-QM.
Qualify on the condo’s rent, not your income. Close in an LLC. Long-term or short-term rental on eligible projects.
Condo-hotel and vacation-rental projects that banks won’t touch. Use short-term rents to qualify on eligible loans.
Warrantable means the project fits Fannie or Freddie rules for a conventional mortgage — best rates, low down payment, easiest loan.
Non-warrantable means it doesn’t, so it needs a portfolio or Non-QM program. It’s the single most important thing to know before you make an offer, and it has nothing to do with how nice the unit is.
Whoever you are, there's a condo path
First-time buyers
Low-down-payment FHA and conventional condo options, plus down payment assistance.
Self-employed
Qualify with bank statements, 1099s, a P&L or assets — no tax returns needed.
Foreign nationals
Condo financing for non-U.S. citizens on eligible projects, including investment.
Milestone inspections, SIRS reports, coastal insurance, older buildings, special assessments — Florida added rules other states don’t have.
At Andes, we are Florida condo experts. We know which lenders finance which situations.
The condo rules changed in August 2026
Fannie Mae and Freddie Mac overhauled condo reviews. Here’s what changed.
The agencies retired the “Limited Review” shortcut for a lot of buildings — but they also dropped a rule that used to make many projects non-warrantable in the first place.
More projects now get a full review of reserves, insurance and litigation. Some closings need extra time and documents.
The old cap on investor-owned units is gone — so certain projects can qualify for conventional financing again.
Check the building before you make an offer
Send us the project. We’ll run it against every condo program we broker and tell you exactly where it stands — and which loan can close it. Free, no obligation.
Address, project name, occupancy, and anything you know — litigation, assessments, repairs.
We check it against warrantable, Non-QM and DSCR condo programs.
Warrantable or not, financeable or not, and the exact path — before you’re under contract.
Banks have one condo box. We have many.
One lender’s “no” is another’s “yes.” We know which lenders finance which project problems.
Our free pre-screen catches a non-warrantable building before you’ve written an offer or paid for an appraisal.
If a building has a real structural or safety problem, we’ll tell you — instead of wasting your time chasing a loan that can’t close.
The programs described here reflect the condo and Non-QM loans Andes Mortgage brokers through its wholesale lenders, plus current Fannie Mae, Freddie Mac, FHA and VA project standards. Loan-to-value limits, credit-score minimums, reserve and project requirements are program-dependent and confirmed for your exact building and file at the time of quote. Nothing here is a commitment to lend or an offer of credit.
Last verified: August 2026 · Guidelines subject to change without notice
Marcos Zambrano
President, Andes Mortgage · MLO NMLS #988935 · Mortgage professional since 2013
Condo loan FAQ
Is it harder to get a mortgage on a condo than a house?
Not harder for you — there’s just one extra approval: the project. The lender reviews the HOA and building alongside your file. Most condo surprises come from the building, which is exactly why we pre-screen it up front.
What's the difference between a warrantable and non-warrantable condo?
Warrantable projects meet Fannie Mae or Freddie Mac rules and get standard conventional, FHA and VA financing at the best rates. Non-warrantable projects don’t fit those rules, so they need a portfolio or Non-QM loan. It’s about the building, not the unit or the buyer.
Can you use an FHA or VA loan on a condo?
Yes — if the project is on the FHA or VA approved list. If it’s not, we look at conventional or Non-QM options. We can check a building’s approval status as part of the free pre-screen.
Do condos have higher mortgage rates?
A warrantable condo prices about the same as a house. Non-warrantable projects and condotels carry a higher rate because the lender takes on more project risk — but the gap is often smaller than people expect.
How long does condo project review take?
It depends on how fast the HOA returns documents. A warrantable review can be quick; a full review of a complex project takes longer, and after the August 2026 rule change more buildings need the deeper review. Starting the pre-screen early keeps your closing on track.
Can I finance a condo as an investment property?
Yes. Investors typically use a DSCR condo loan that qualifies on the property’s rent instead of personal income, and you can close in an LLC. Short-term-rental income can be used on eligible projects.
Let's get your condo loan moving
Take the Mortgage Match™ and we’ll route you to the right condo program — or send us the building for a free pre-screen.
Andes Mortgage LLC · NMLS #2187991 · Marcos Zambrano MLO NMLS #988935. Licensed for consumer lending in Georgia, Florida, Texas, South Carolina and Alabama. Business-purpose (DSCR) lending available in additional states.
This page is for informational purposes only and is not a commitment to lend, an offer of credit, or a guarantee of any rate, term or program. Loan approval, loan-to-value limits, credit-score minimums, reserve requirements and condo-project eligibility are subject to full underwriting, current lender and agency guidelines, and verification of the specific project. Rates and programs are subject to change without notice. Equal Housing Lender.