What is a condominium project review?
The lender evaluates the project under the selected program’s rules. Fannie Mae’s project guidance covers issues such as project eligibility, insurance and review pathways. The documents needed depend on the transaction; a unit appraisal does not replace project review.
Request the documents early
- Association contact and completed lender questionnaire when required.
- Current budget, financial statements and reserve information.
- Master insurance documents and relevant deductible information.
- Details of current or proposed special assessments.
- Available inspection, engineering and repair information.
- Litigation documents when requested by the lender.
Download the condo document checklist (PDF). Ask who will provide each item, the fee and the expected delivery time.
Separate the issue from its financing effect
| Issue | Information to obtain | Practical next step |
|---|---|---|
| Special assessment | Purpose, balance, schedule and underlying work | Have the lender review the obligation and related condition |
| Repairs or inspection findings | Scope, reports, completion and funding status | Submit actual documentation rather than a verbal summary |
| Litigation | Nature of the claim and relevant records | Request project review; avoid predicting an outcome |
| Insurance | Master coverage, deductibles and unit-owner needs | Coordinate lender and insurance review early |
These issues do not all lead to the same outcome. Avoid assuming either that a project is automatically ineligible or that another unit’s recent closing guarantees your loan.
Build the ownership budget
List dues, assessments, mortgage costs and insurance separately. Ask what the association pays and what remains the owner’s responsibility. Planned dues changes and special assessments can matter even when a lender approves the transaction.
A website cannot calculate an owner’s potential liability in an unresolved lawsuit. That requires the actual association documents and appropriate legal advice.
A better sequence before closing
- Identify the legal property type—marketing a home as a “townhome” does not settle whether it is a condominium.
- Provide the address and association details to the mortgage team.
- Order project documents early enough to resolve questions during contractual deadlines.
- Update the payment and cash plan when dues, insurance or assessment information arrives.
Questions clients ask
Does FHA condo approval guarantee my loan?
No. The borrower, unit, transaction and current project status still require review under the selected program.
Can another lender reach a different answer?
Different loan products and lender requirements may produce different options. All parties should work from complete, accurate project information.
Can I rely on the listing’s HOA amount?
Use it as a starting point, then confirm current dues, approved increases and assessments with the association documents.
Sources and editorial information
Published by The Rice Financial Group. Editorial update: October 14, 2026. How we prepare our resources.
Educational information, not an approval, rate quote or commitment to lend. Program rules, pricing and availability can change. Confirm the requirements for your borrower, property and transaction with the mortgage team.
Make the information personal.
Tell us what you are planning and where you need clarity. You do not need to be ready to apply to ask a question.
Review my condo financing