Peter Schilling - Branch Manager with Preferred Rate

Thinking of buying your first home? Here’s a tip to help you get started.

Before you start house-hunting, getting pre-approved for a mortgage is a MUST. A pre-approval helps you:

Determine how much home you can afford and set a budget.
Start the conversations around down payment and closing costs.
Address any challenges with your credit, finances, or employment before you make an offer.

By doing the work upfront, you can write an offer with confidence and enjoy a smooth loan process and closing.

If you need guidance on getting pre-approved, our team is here to help!

The short answer: It depends. While standard down payment requirements often apply to condos, certain situations may call for a higher down payment.

Here’s what you need to know:

✅ Warrantable condos: These meet specific guidelines from lenders, the FHA, or the VA, and typically have the same down payment options as single-family homes (as low as 3% in some cases).

⚠️ Non-warrantable condos: These don’t meet standard guidelines (due to factors like high investor ownership or pending litigation), so lenders may require a larger down payment, often 10% to 20% or more.

Tip: Before making an offer, I will help you check the condo’s warrantability status. A little homework now can save you surprises later.