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.
What this actually means.
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.
Where this can move.
Project FHA/conventional warrantability, owner-occupancy ratio, project insurance and reserves, litigation, and Florida 2022+ condo law can change the answer.
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Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review. Mortgage Expert, Inc. is not affiliated with Fannie Mae, Freddie Mac, FHFA, or any government agency.