Condo vs house financing in San Diego
Quick answer: A house loan is you, the property, and the loan. A condo adds the building. The project has to be eligible for the program. FHA can approve a single unit only in qualifying projects. Conventional has a lighter review for some established projects. HOA dues sit in the payment either way.
I can like the unit and still fail the building. That is the condo file. A single-family house does not need an FHA condo list check or a warrantability review of a homeowners association budget the same way.
What extra review a condo gets
- HOA dues. They sit in PITI plus dues for DTI. See HOA dues in the payment.
- Warrantability. Conventional investors care whether the project is warrantable. Litigation, owner-occupancy mix, commercial space, and insurance at the project level can block a unit even when your credit is fine. Insurance here is a project-review fact for DTI and eligibility, not a policy recommendation.
- FHA condo list. FHA needs an eligible project, not only an eligible buyer. Typical FHA down is 3.5%. See FHA loan San Diego.
Two published rules that decide a lot of San Diego condo files
- FHA Single-Unit Approval. If the building is not on the FHA approved list, HUD can approve one unit at a time. HUD says the project must be complete, have at least five units, not be manufactured housing, and not be under an adverse determination. FHA concentration is capped at 10% of units in a project with 10 or more units, or two FHA loans in a project under 10 units. The lender submits Form HUD-9991 with the HOA documents.
- Fannie Mae Limited Review. For an attached unit in an established project, Fannie Mae allows a Limited Review on a primary residence up to 90% LTV, CLTV, and HCLTV. Second homes and investment units top out at 75% under that review. Put less than 10% down on a primary and the lender needs the fuller project review.
In plain terms: on a condo I ask the HOA for the questionnaire early, because the building can change which loan and which down payment work. See HOA dues in the payment for how dues hit DTI, and conventional loan San Diego for the low-down conventional path.
This is still FHA, conventional, VA, or jumbo. It is not a Left Coast Leaders condo product. VA occupancy still has to be primary residence: VA loan San Diego. Jumbo versus high-balance is still loan amount against $1,104,000: loan limits and jumbo loan San Diego.
What to check before you write on a condo
Budget, questionnaire, master insurance, litigation, and whether FHA is even possible on that building. Then we size you. Start at get pre-approved San Diego so the letter matches dues and the project path. Company NMLS 2394495. Amir Nurani NMLS 197458. San Diego County and Riverside County. Call (619) 366-9494.
Frequently asked questions
The project has to work: HOA, warrantability, and for FHA an eligible building.
No. Condos use FHA, conventional, VA, or jumbo. The extra work is project review.
For Single-Unit Approval, 10% of units in projects of 10 or more, or two loans in smaller projects. The project needs at least five units.
Yes. Any monthly dues sit in the housing number.
Sources: HUD, FHA Connection Condominiums help, Single-Unit Approval (entp.hud.gov). 24 CFR 203.43b. Fannie Mae Selling Guide B4-2.2-01, Limited Review Process. FHFA, Conforming Loan Limit Values for 2026.
Looking at a condo and a house in the same weekend?
Send both addresses. We will tell you whether the condo project is even financeable on FHA or conventional before you write.
Get Pre-Approved(619) 366-9494 · Amir Nurani · NMLS #197458
Left Coast Leaders, Inc. · NMLS #2394495 · DRE #02191517 · Equal Housing Lender · San Diego County and Riverside County · San Diego, CA