How much down payment for a conventional condo?
Same minimums as standard conventional: 3% on HomeReady/Home Possible if income-eligible, 5% on standard conventional, 10% on second-home condos, 15-25% on investment-property condos. PMI applies above 80% LTV regardless. Condo LLPAs may apply at higher LTVs.
Plain-English explanation
Condo down payment matches the corresponding occupancy minimum on a single-family. The differences come in at the project-level review, the LLPAs (condo adjustment), and limited-review eligibility (typically requires a lower LTV for full primary-residence ease). Investment-property condos almost always require 25% down. Subject to Fannie/Freddie program rules.
What can change the answer?
Project FHA/conventional warrantability, owner-occupancy ratio, project insurance and reserves, litigation, and Florida 2022+ condo law can change the answer.
Want the real answer for your conventional file?
Conventional guidelines are the rule. Your credit, income, DTI, PMI, LLPAs, and Florida payment math are what decide the actual answer.
More conventional questions on Condos
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review.