Condo Financing Made Simple
Expert condo financing South Florida solutions — navigate FHA approvals, HOA requirements & jumbo loans with Royal Capital Solutions.
Welcome to Condo Financing
Financing a condo comes with unique considerations compared to single-family homes. From HOA approval to specific loan requirements, Royal Capital Solutions specializes in helping buyers navigate the condo financing process smoothly.
Condo Loan Programs We Offer
FHA Condo Loans
FHA loans allow lower down payments (3.5%) and are popular for condo purchases. The condo complex must meet FHA requirements.
Conventional Loans
Standard conventional financing for condos typically requires 10-20% down and offers competitive rates for qualified borrowers.
Jumbo Loans
For high-value condo purchases, jumbo loans provide financing above conventional limits with competitive terms.
Portfolio Loans
Portfolio loans offer flexible terms for unique condo situations and can be tailored to your specific needs.
VA & USDA Loans
Veterans and rural property buyers may qualify for VA or USDA financing for approved condo purchases.
Why Condo Financing is Different
HOA Approval Required
Most lenders require HOA approval before funding. This involves reviewing HOA documents and financial reserves.
HOA Financial Stability
Lenders carefully review HOA budgets, reserves, and special assessments to ensure the association is financially sound.
Percentage Owner-Occupied
Many lenders require a minimum percentage of units to be owner-occupied (typically 50%) vs. investor-owned.
Delinquency Limits
Lenders limit the percentage of delinquent HOA accounts. High delinquency rates may affect loan approval.
Our HOA Approval Expertise
We specialize in navigating complex HOA approval processes. Our experience helps projects get approved quickly.
- Review HOA documents for lender compliance
- Identify potential HOA issues before they delay funding
- Coordinate with HOA management and legal teams
- Navigate special assessments and budget concerns
- Handle projects with challenging HOA situations
- Maintain relationships with HOA attorneys and management
Condo Financing Checklist
Before applying for condo financing, ensure you have:
Financial Documents
- Recent pay stubs
- Tax returns (2 years)
- Bank statements
- Proof of employment
Property Documents
- Purchase agreement
- HOA documents
- Property appraisal
- Title commitment
Personal Documents
- Identification (ID/passport)
- Credit report
- Homeowner’s insurance quote
- Proof of down payment
Frequently Asked Questions
Can I get approved with low down payment on a condo?
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Yes! FHA loans allow as little as 3.5% down on approved condos. Conventional loans require 10-20% depending on credit and income. Some portfolio loans offer even more flexibility. We help you find the program that works for your situation.
What is HOA approval and how long does it take?
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HOA approval means the HOA has reviewed and approved your mortgage lender’s request to finance your purchase. It typically takes 3-5 business days, but we work to expedite this process. With our HOA relationships, we often get approval faster.
Why was my application denied due to HOA issues?
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Common HOA issues include: too many delinquent accounts, insufficient reserves, pending special assessments, or too many investor-owned units. We review HOA documents upfront to identify issues early and find solutions or alternative loan programs.
Can I still buy a condo with a challenging HOA?
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Often yes! We have access to portfolio loans and specialized lenders that work with challenging HOAs. While some restrictive loan programs won’t touch them, other options may be available. We explore all possibilities.
Ready to Finance Your Condo?
Royal Capital Solutions specializes in condo financing in South Florida. Contact us today for a free consultation and pre-approval.
⚠️ Disclaimer
This information is educational. Terms, rates, and program availability vary. Royal Capital Solutions NMLS #166551. Florida Department of Financial Services licensed. Rates subject to change.
Check if your condo is FHA approved at the HUD Approved Condo List.