Mortgage Navigator • Conventional • Condos

Conventional Condos & Project Review

With condos, underwriting the borrower is only half the job. The HOA and project can independently make the loan eligible—or kill it.

Build My Mortgage Game PlanConventional Navigator

Explore Condo Project Review

Full review

Budgets, reserves, delinquency and project documentation.

Limited / streamlined review

When a project may qualify for a reduced review path.

HOA reserves

Fannie 10% vs. Freddie 15% budget standards.

Critical repairs & inspections

Structural issues, evacuation orders and inspection reports.

Special assessments

When an assessment is routine—and when it signals an ineligible project.

Condo insurance

Master property, liability and fidelity/crime coverage.

Litigation

Minor matters vs. lawsuits that create project ineligibility.

Ineligible condo projects

Hotels, timeshares, excessive single-entity ownership and more.
Agency Difference: Fannie's full-review budget generally looks for at least 10% reserve allocation, while Freddie's current established-condo budget standard generally requires 15% unless an acceptable reserve study supports the project. That difference can matter.

Official guide baseline

Fannie Mae Selling Guide · Freddie Mac Seller/Servicer Guide

Condo eligibility is both loan-level and project-level. A strong borrower does not cure an ineligible project.