Describe the property accurately
Tell the lender whether the home is a condo and how you intend to use it. Condo project review and occupancy are separate questions. A borrower’s financial qualification does not by itself establish that a particular project qualifies. Fannie Mae — Selling Guide ↗
Include ongoing property costs
Ask for association dues, special assessments, insurance arrangements, and any project documentation the lender needs. For a second home, discuss both housing obligations and the intended use before assuming that a primary-residence quote applies.
Check before relying on rental income
Do not assume occasional rent or a rental projection can be used to qualify a second-home transaction. Have the lender identify the applicable occupancy and income rules, then model your own budget conservatively.
PUT IT INTO PERSPECTIVE
An example, not an offer
Illustration only: a $2,800 proposed housing payment plus $500 in monthly association dues totals $3,300 before any other omitted expenses. Include the dues when deciding whether a condo fits your household budget.
Plan your housing budget →Related questions
Check the original guidance
Requirements and availability can change. Confirm the program and lender terms for your application.