What is a non-warrantable condo?

A building that does not meet Fannie Mae and Freddie Mac rules. Some lenders offer portfolio loans for these, often with a larger down payment.

Is a co-op the same as a condo?

No. With a co-op you buy shares and need board approval. See our co-op loan guide.

Who pays for the condo questionnaire?

The association or its manager often charges a fee to complete the lender's questionnaire. Ask early, since it can take time.

Condo loans and building approval

With a condo, the lender reviews the building as well as you. Fannie Mae, Freddie Mac, FHA and VA each have their own building rules, and a building that does not meet them is called non-warrantable, which limits your loan choices.

What lenders check about the building

The association's budget, reserves and insurance.
How many units are owner occupied, delinquent on dues, or owned by one person or company.
Any lawsuits, special assessments or commercial space in the building.

Government loans

FHA: the building usually must be on FHA's approved list, or the unit can qualify for single unit approval.
VA: the building must be on VA's approved condo list.
Ask the lender to check the building before you sign a contract or pay a deposit.

Questions people ask

What is a non-warrantable condo?: A building that does not meet Fannie Mae and Freddie Mac rules. Some lenders offer portfolio loans for these, often with a larger down payment.
Is a co-op the same as a condo?: No. With a co-op you buy shares and need board approval. See our co-op loan guide.
Who pays for the condo questionnaire?: The association or its manager often charges a fee to complete the lender's questionnaire. Ask early, since it can take time.

Official sources

Facts checked 2026-11-01. General information, not financial, legal or tax advice. We are not a lender.

Related: Loan types

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