Financing Built For Condominiums.
Financing a condo means the project is reviewed too, from HOA dues delinquency to the reserve budget and commercial space.
Warrantable projects, straightforward terms.
However the project is structured, there’s likely a path that fits.
- Attached units in established projects can use a Limited Review
- Warrantable condominium projects
- Condo buyers and owners
- No more than 15% of units 60 days late on HOA dues
- HOA budget must fund replacement reserves of at least 10%
- Commercial space capped at 35% of the project or building
- Financing to 85% of value on a warrantable project*
Two- to four-unit projects skip review
Warrantable condominium projects
Parking spaces can be financed too
Rental income financing on investment condominiums
Freddie Mac offers a streamlined review
Minor litigation can still qualify
What is the Saxton Condominium Loan?
A loan for buyers and owners of warrantable condominiums
The Saxton Condominium Loan finances units in warrantable condominium projects, on a primary residence, second home, or investment property.
A Full Review covers new, newly converted and established projects, and the lender records its certification in CPM, Fannie Mae’s web-based project tool. A newly converted project with more than four units that was not a gut rehab goes to Fannie Mae’s own PERS review instead.
Use it to purchase a condominium, refinance your current mortgage, or take cash out of your equity. Non-warrantable projects and cooperatives are financed under separate Saxton programs.
Why choose the Saxton Condominium Loan?
Built for buyers and owners of condominiums in warrantable projects.
First Condo Purchase
Buy into a warrantable project with financing built for the property type.
Downsizing To A Condo
Trade a house and its upkeep for a unit that takes care of itself.
Second Home Condos
Finance a condominium you use part of the year.
Investment Condos
Rent out a condominium and qualify on the income it produces.
Equity In Your Condo
Access equity in a condominium you already own.
Warrantable Projects
Projects that meet agency requirements for reserves, owner occupancy and litigation qualify here.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers on project reviews, HOA finances and which condo buildings qualify.
A Limited Review is open only to an attached unit in an established condo project, and not to a project made up of manufactured homes. A Full Review can also handle new and newly converted projects and adds checks such as the reserve budget test.
No. Fannie Mae waives the project review for a detached unit, meaning one that shares no walls, ceilings, floors, breezeways or garages with a neighbor. Site condos, where you own the unit and the land under it, count as detached.
Under a Full Review, no more than 15% of units can be 60 days or more past due on HOA fees. In a 100-unit project that means 15 units at most. The same 15% test applies to each special assessment.
The HOA budget must set aside at least 10% for replacement reserves covering capital expenditures and deferred maintenance. A reserve study can be used instead of that calculation when it meets Fannie Mae’s standards. The study must be dated within three years of the project approval.
Yes, if commercial space is 35% or less of the project or the building. That space must fit the residential character of the project. Rental apartments and hotels inside the project count as commercial space.
Yes. For an established project reviewed under the Full Review process, at least 50% of the units must have been sold to owner-occupants or second-home buyers. Bank-owned units listed for sale and not rented count as owner-occupied in that math. Learn more about Cash-out refinancing.
It can. A project is ineligible when the HOA is a party to pending litigation, or the developer is sued over safety, structural soundness, habitability or functional use. Minor matters can pass, such as a neighbor dispute or a claim the HOA’s insurer has agreed to defend.
Saxton Mortgage does. On the conventional condo loans we offer, Fannie Mae waives the project review for a detached unit, and an attached unit in an established project can use a Limited Review.
Find out what you qualify for
Send us the condo address and HOA contact, and we will start the project review while you get pre-qualified.
Get Pre-Qualified- Consumer Financial Protection Bureau, buying a house: tools and resources for homebuyers
- Consumer Financial Protection Bureau, mortgages
*Loan amounts, rates, terms, and down payment requirements are subject to credit approval, income and asset verification, and program eligibility. Down payment and cash-out limits vary by occupancy, credit score, and documentation type. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.