Condo vs house financing in San Diego
Quick answer: A house is mainly you, the property, and the loan. A condo also needs the project: HOA health, warrantability, and for FHA an eligible project, not just an eligible buyer. Monthly HOA dues sit in the payment. This is not a separate condo loan product.
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.
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. A house does not need that project review the same way.
No. Condos still use FHA, conventional, VA, or jumbo. The extra work is project review, not a new product name.
Yes. FHA needs an eligible project, not only an eligible buyer. Typical FHA down is 3.5%. We check the building before you write.
Yes. Any monthly dues sit in the housing number. Condos add project review on top of that.
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