Sources checked October 22, 2026
Look beyond the unit.
With a condo, a lender checks both your finances and the larger building or development. That building review is often called “project review.” It can include the association’s budget, insurance and repairs. Fannie Mae’s condo review rules explain one approach.
Share the property address with your loan officer early. Ask your agent who can supply the association’s records. Finding that person now can save time later.
Organize the document conversation.
Your lender will tell you which records it needs. They may include the association’s budget, insurance, meeting notes and repair reports. A reserve study looks at future repairs and the money set aside for them. Fannie Mae’s detailed review requirements are one example.
Keep a simple list: what has been requested, who has it and when it should arrive. Ask about any document fees before ordering. The exact list depends on the building and loan.
Understand why repairs and insurance matter.
Major unfinished repairs, some lawsuits or insurance gaps can affect a building’s loan options. An extra association charge, called a special assessment, needs a closer look too. Ask what it pays for and how the work will be completed. Fannie Mae lists issues that can affect a project.
A loan approval does not tell you everything about living there. Review the building’s condition and your share of its costs with your agent and inspectors.
Fannie Mae’s Condo Status Finder can provide project information. Ask your lender what a result means for your loan; it is not a personal approval.
Five questions to ask early.
- Which project review applies to this property and proposed loan?
- Who will provide the association’s requested financial and insurance records?
- Are repairs, assessments or litigation relevant to the review?
- What information is still missing, and how could it affect the schedule?
- What association costs should I include in my ownership budget?
Whether you are considering a downtown Walnut Creek condo or a home elsewhere in the Bay Area, the objective is the same: understand both the unit and the shared project before the timeline becomes compressed. Ask for clear status updates that separate received documents, open questions and completed review.
Sources & further reading
Sources checked October 22, 2026. These guides explain the basics. Your loan officer checks which options fit your situation and explains the current rules. A guide is not a loan approval. Ask a qualified adviser about personal tax or legal questions.
Want to talk this through?
You do not need to know every mortgage term before you call. Bring your questions. We can explain the choices and help you work out the next step. Ask us for a secure way to share documents.