— CONDO LOAN PROGRAMS
Condo Loan
Programs
Condo financing is more complex than a standard home purchase. Read on for an overview of financing options for condominium purchases, with exclusive mortgage solutions from Pacific Home Loans.
— ABOUT CONDO LOAN PROGRAMS
Condo Loan
Programs
Financing a Condominium with Pacific Home Loans
Buying a condo involves two separate approval processes running at the same time – one for you as the borrower, and one for the project itself. Most buyers are surprised by this. The unit you want to purchase may be beautiful and priced right, but if the building doesn’t meet program guidelines, your financing options narrow quickly.
Pacific Home Loans specializes in condominium financing across a wide range of project types – from standard agency-approved buildings to resort condos, condotels, non-warrantable projects, and high-value luxury units. We work through the project eligibility question early, so you are not discovering problems after you are already in escrow.
This page provides a practical overview of the condo loan programs we work with and the scenarios for which each is built. For deeper guidance on the buying process itself:
— FINANCING OPTIONS
Agency Condo
Loan Programs
Conventional Condo Loans
Not all condo loans are created equal, and not all condo projects qualify for every program. Here is how the major categories break down and what drives the decision.
- Available for primary residences, second homes, and investment properties
- Down payment options may be as low as 3% for eligible owner-occupied buyers
- Fixed and adjustable rate structures available
Conventional financing is the most common path for condo buyers with solid credit and a project that meets agency warrantability standards. It covers primary residences, second homes, and investment properties, with down payment options starting as low as 3% for eligible owner-occupied buyers. Fixed and adjustable-rate structures are both available.
The key variable here is project eligibility. Owner-occupancy ratios, HOA financial health, litigation exposure, and insurance coverage all factor into whether a project qualifies. If you are not sure about the building you are considering, that is exactly the kind of question we can help you answer before you make an offer.
FHA Condo Loans
- 5% down payment option for eligible borrowers
- Project must meet FHA approval guidelines
FHA financing for condos requires both borrower eligibility and project approval – the building must either be on the FHA-approved project list or go through a spot approval process. When it works, it is a strong option for buyers who want a lower down payment (as low as 3.5% for eligible buyers) and more flexible credit guidelines. When the project doesn’t qualify, FHA is off the table entirely, which is why checking project status early matters.
→ FHA Loan
VA Condo Loans
- Zero down financing available for eligible veterans
- Project must meet VA approval requirements
VA financing offers zero down payment for eligible veterans and service members – one of the most powerful tools in the market. Like FHA, VA condo loans require the project to be VA-approved. We can help determine project status quickly and explore alternative paths if the building you want isn’t currently on the approved list.
→ VA Loan
— CONDO FINANCING
Condo Loan
Options
When Standard Programs Don’t Apply
A significant portion of condo purchases – particularly in resort markets, vacation destinations, and high-density urban buildings – involve projects that fall outside standard agency guidelines. That does not mean the purchase is unfinanceable. It means you need a lender who knows where to go next.
Jumbo Condo Loans
If the purchase price exceeds conforming loan limits, jumbo financing steps in. This is common in coastal markets, mountain resort communities, urban high-rises, and luxury developments. Jumbo condo loans come with their own reserve requirements and qualification standards, but they open the door to properties that conventional limits simply cannot reach.
Non-Warrantable & Resort Condo Financing
Many of the most desirable condo projects – those with active short-term rental programs, high investor concentration, condotel structures, or complex HOA arrangements – do not qualify for conventional agency financing. These are not problem properties. They are just properties that require a different lending approach.
PrimeResort™ is our dedicated financing solution for resort condos, condotels, and non-warrantable projects. It is purpose-built for exactly this scenario.
Non-QM / Alt-Doc Condo Loans
If your income doesn’t fit neatly into a W-2 structure – whether you are self-employed, operating on commission, managing investment income, or funding the purchase through assets rather than earnings – standard underwriting may not reflect your actual financial position. Non-QM programs are designed for this.
Options include Bank Statement Loans, 1099 Income Programs, Asset-Based Lending, and DSCR Loans for investment condo purchases. The condo project still needs to qualify, but your income documentation is no longer the limiting factor.
Portfolio Condo Financing
For transactions that are complex on both sides – a high-value purchase combined with a non-standard project, or a scenario that requires more structuring flexibility than any agency or non-QM program can provide – portfolio lending offers the most room to work. Portfolio loans are held in-house rather than sold to the secondary market, which means the qualification criteria are more flexible and the decision-making process is more direct.
Conventional Condo Loans
- Available for primary residences, second homes, and investment properties
- Down payment options may be as low as 3% for eligible owner-occupied buyers
- Fixed and adjustable rate structures available
Government Condo Loans
FHA Condo Loans
- 5% down payment option for eligible borrowers
- Project must meet FHA approval guidelines
VA Condo Loans
- Zero down financing available for eligible veterans
- Project must meet VA approval requirements
— CONDO LOAN PROGRAMS
How Condo Loan Programs Fit Into
the PHL Lending Platform
Condo financing is not a single lane – it is a spectrum. Where your transaction lands depends on the project, the purchase price, your income structure, and your intended use of the property.
Agency Condo Financing
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PrimeResort™ — non-warrantable and resort condos
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Portfolio Lending — complex and high-value scenarios
Choosing the Right Condo Loan Program
The right condo loan program is determined by four things: who you are as a borrower, what the project looks like, how you plan to use the property, and what your long-term ownership goals are. We work through all four before you make an offer — not after.
