How do I find out if a condo is warrantable?

Ask your lender to run a condo project review before making an offer. Fannie Mae and Freddie Mac maintain approved project lists. Your loan officer can check eligibility in 24–48 hours. Knowing warrantable status before making an offer prevents the surprise of non-warrantable financing requirements after you’re under contract.

Can seller pay condo HOA transfer fees?

Yes — HOA transfer fees can be negotiated as seller concessions. In buyer’s markets, asking the seller to pay the $150–$600 HOA transfer fee is standard. Include it in the purchase contract under 'seller concessions' or 'seller to pay HOA transfer fee.'

What is a condo special assessment and how does it affect closing?

A special assessment is a one-time fee charged to all unit owners for a major repair or improvement (roof replacement, elevator modernization, structural repairs). Active special assessments appear on the condo questionnaire and can affect financing. Large unresolved assessments may delay or prevent loan approval.

Is title insurance different for condos?

Slightly — condo title policies often include an ALTA Condo Endorsement that addresses the unique ownership structure (unit + common area interest). The endorsement fee is typically $50–$200. The core coverage is the same as a single-family home title policy.

Are FHA loans available for condo purchases?

Only for FHA-approved condo projects. HUD maintains a list of approved condo developments. Many condo associations choose not to seek FHA approval (it requires financial disclosure and meeting specific reserve requirements). If FHA is your planned loan type, verify project approval before making an offer.

Closing Costs: Condo vs. Single-Family Home — What’s Different — CalcVerify

Condo purchases add unique closing costs that single-family home buyers never encounter: HOA transfer fees, condo questionnaire fees, special assessment risk, and sometimes additional lender requirements. Here’s the complete comparison.

Condo-Specific Closing Costs

Condo-specific closing costs not present in single-family home purchases

Condo-Specific Cost	Amount	Who Pays	Negotiable?
HOA transfer fee	$150–$600	Often buyer	Negotiable with seller
Condo questionnaire/lender cert	$100–$500	Buyer (via HOA)	No
Move-in fee (HOA)	$100–$500	Buyer (to HOA)	No
Pro-rated HOA dues at closing	Varies	Buyer for remainder of month	No
Special assessment review	Time cost only	Buyer’s attorney time	Depends
Condo endorsement on title policy	$50–$200	Buyer	No

ℹ️The Condo Questionnaire: What It Reveals

Lenders require a condo questionnaire (completed by the HOA) to confirm the project meets agency guidelines: sufficient reserves, acceptable owner-occupancy ratio, no litigation against the HOA, and adequate insurance. If the HOA doesn’t pass review, your loan may not be approved — regardless of your personal creditworthiness. This is a condo-specific risk with no parallel in single-family purchases.

Warrantable vs. Non-Warrantable Condos

Fannie Mae and Freddie Mac have specific condo project approval requirements. 'Warrantable' condos qualify for standard conventional financing. 'Non-warrantable' condos (too many investor-owned units, high concentration of owners, pending litigation) require portfolio loans — typically 0.5–1% higher rate and more restrictive terms. This rate premium is an ongoing condo-specific cost that affects total ownership cost significantly.

The Single-Family Advantage in Closing Costs

Closing cost comparison: condo vs. single-family home at same purchase price

Total Closing Costs	Single-Family Home ($350K)	Condo ($350K)	Difference
Standard closing costs	$7,500–$11,000	$7,500–$11,000	Identical
Condo-specific additions	$0	$500–$1,800	+$500–$1,800
Rate premium (if non-warrantable)	$0	+$75–$175/month	Significant long-term difference

Calculate Closing Costs for Your Condo Purchase

Get the base estimate, then add condo-specific fees for your HOA’s requirements.

Open Closing Costs Calculator →

Closing Costs: Condo vs. Single-Family Home — What’s Different

Condo-Specific Closing Costs

Warrantable vs. Non-Warrantable Condos

The Single-Family Advantage in Closing Costs

Frequently Asked Questions

Frequently Asked Questions

More Closing Costs Guides

How to Use the Closing Costs Calculator — Complete Guide

What Are Normal Closing Costs? The Benchmarks by State and Loan Type

Closing Costs on a $200,000 Home: The Complete Breakdown