Condo loans are a building-by-building sport.

Every condo carries a monthly assessment (HOA fee) that covers building upkeep, insurance on the structure, and shared amenities. In Chicagoland that's commonly a few hundred dollars a month — sometimes more in full-amenity high-rises. Lenders count it in your debt-to-income ratio, so Megan prices your budget with the assessment in from day one.

A 'warrantable' condo meets Fannie Mae/Freddie Mac guidelines — enough owner-occupants, healthy reserves, no heavy litigation, no single owner holding too many units. Warrantable buildings get standard conventional financing. Non-warrantable buildings need specialty options — which exist! It just changes which loan fits, and it's exactly the kind of thing Megan checks early.

During underwriting, the lender sends the building's management a questionnaire about finances, occupancy, insurance and litigation. It's a normal step, but slow associations can drag a closing. Megan's team orders it early — one of the quiet reasons her condo closings stay on schedule.

A healthy building saves for the big stuff — roof, elevators, tuckpointing. When reserves fall short, boards levy a 'special assessment': a one-time bill to owners. Reviewing the budget and meeting minutes before you buy is how you avoid surprise bills. Ask Megan what red flags look like.

FHA and VA loans work in condos — but the building generally needs to be on the agency's approved list (with some single-unit exceptions for FHA). If you're using FHA or VA, tell Megan the building early and she'll check its status before you write an offer.

The association's master policy covers the building; you carry an HO-6 'walls-in' policy for your unit and belongings. HO-6 is usually cheaper than house insurance — one of the small ways condo math differs. Your lender will require it, and Megan will tell you exactly how much coverage is needed.

Your debt-to-income ratio includes the monthly assessment, so a $500/mo HOA affects how much home you qualify for — roughly like $75K of price at today's sample rates. This is why the same budget can mean different price points in different buildings.

Lock-and-leave living, no gutters to clean, buildings with gyms and roof decks, and a price of entry into neighborhoods where houses cost double. For first-time buyers especially, a condo is often the smartest first rung on the ladder — and Megan can show you the full cost picture so you decide with clear eyes.