Fannie Mae Condo mortgage rules

[J Zhang]

Hi, I've seen several posts on how FM condo rules potentially affect the selling of condo units. I've checked FM website and read the rules however I am unable to find the exact definition of Condo by FM. I saw a lot of conflicting information on the Internet about whether condo is a type of RE ownership or just a bunch of units sharing walls. I have a fee simple townhouse (with defined property boundary of my unit), it shares walls on both sides and has a HOA. Can it be regarded as a condo in FM's book?

[AJ Wong]

HI Jin, what are you attempting to determine? Whether a condo is warrantable or down payment requirements and terms structuring? 

For conventional financing, condos need to be 'warrantable' if the condo or HOA doesn't meet those guidelines it is 'non-warrantable' and there are alternative or Non-QM (non conventional) lenders that offer financing. Usually slightly more down payment but possible. Check in with @Joseph Chiofalo for lender questions, he's a condo guru based in SoFLA. Good luck.