Independent guide. Not a lender or broker.

Site last updated November 8, 2026 Latest rule changes

Independent guide · Updated for 2026 rules

Chicago condo loans, explained.

How lenders review Chicago condo buildings, what the 2026 rule changes mean for buyers, and how to finance a unit without surprises at closing.

Read the complete guide See rule changes

Chicago Condo Loans is an independent guide to financing a condominium in Chicago. We explain how condo mortgages differ from single-family loans, why a building’s finances can affect your approval, and what Chicago buyers should check before making an offer.

How are condo loans different?

A condo loan approves two things: you and the building. Along with your credit, income, and down payment, lenders review the condominium association, including its budget and reserves, insurance, the share of owners behind on dues, pending litigation, and any special assessments. A building that falls short can narrow your loan options or require a larger down payment, even when your own finances are strong.

What this site covers

  • Warrantable vs. non-warrantable condos, and why it matters
  • Conventional, FHA, VA, and jumbo loans for condos
  • Condo questionnaires, HOA reserves, and special assessments
  • Down payments, mortgage insurance, and closing costs for condos
  • Chicago-specific issues: high-rises, vintage buildings, conversions, and neighborhood differences

Guides and updates

Start with our complete guide to condo loans in Chicago, then go deeper:

Rule changes and news are on the Updates page.

How we work

Every guide is checked against primary sources, including Fannie Mae, Freddie Mac, FHA/HUD, and VA guidelines and Illinois and City of Chicago rules, and shows a “last reviewed” date. We are not a lender or mortgage broker. Read our Editorial Standards, About page, and Disclaimer.

The condo loan guide

Start with the question you have

Start here Chicago Condo Loans: The Complete 2026 Guide What Chicago buyers need to finance a condo in 2026: the Aug. 3 Fannie Mae full-review change, FHA and VA approval, loan limits and Illinois rules. Read the complete guide Guide 01 Warrantable vs. Non-Warrantable Condos in Chicago What makes a Chicago condo non-warrantable under Fannie Mae rules (litigation, repairs, commercial space, single owners) and how to finance one. Read guide Guide 02 FHA Condo Approval in Chicago: How to Check a Building and Qualify How to check if a Chicago condo is FHA-approved, when single-unit approval works, the 2026 $541,287 FHA limit, and FHA vs. conventional for condos. Read guide Guide 03 The Condo Questionnaire and HOA Review: What Chicago Buyers Should Check What lenders ask in the condo questionnaire, what Illinois 22.1 disclosures include, and how to read an HOA budget, reserves and lawsuits like a lender. Read guide Guide 04 Condo Down Payment and PMI in Chicago: How Much You Need How much you need down for a Chicago condo: 3% conventional or 3.5% FHA, how PMI and FHA premiums end, the condo pricing adjustment, and IHDA help. Read guide Guide 05 Jumbo Condo Loans and High-Rise Condos in Chicago: What Lenders Check When a Chicago condo loan becomes jumbo (over $832,750), how jumbo lenders review buildings, and what to check in high-rises: façades, insurance, condo-hotels. Read guide Guide 06 Investment Condo Loans and Second Homes in Chicago: What Lenders Require Buying a Chicago condo to rent out or as a second home: Fannie Mae down payment minimums, reserves, pricing adjustments, rental income and building rules. Read guide Guide 07 VA Condo Loans in Chicago: Building Approval, Funding Fee and Entitlement How to buy a Chicago condo with a VA loan: checking VA condo approval, getting a building approved, the funding fee, entitlement and occupancy rules. Read guide Guide 08 Condo Special Assessments in Chicago: What Buyers and Lenders Check How special assessments affect buying a Chicago condo: Illinois board and vote rules, how lenders review them, and who pays at closing. Read guide Guide 09 New Construction Condo Loans in Chicago: Presales, Conversions and Developer Rules How lenders finance units in new and converted Chicago condos: Fannie Mae's 50% presale rule, FHA's completion rule, builder credits and Illinois buyer rights. Read guide Guide 10 Condo Refinance in Chicago: Building Reviews, LTV Limits and Streamline Options How to refinance a Chicago condo: when the building gets reviewed again, conventional LTV and cash-out limits, and FHA and VA streamline rules. Read guide Guide 11 Condo Closing Costs in Chicago: Transfer Taxes, Association Fees and Who Pays What What a Chicago condo costs at closing: city, county and state transfer taxes, association fees, property tax prorations and loan costs, and who pays each. Read guide Guide 12 HOA Dues and Your Condo Mortgage in Chicago: How Assessments Affect Approval How HOA dues and special assessments count in a Chicago condo mortgage: Fannie Mae, FHA and VA debt-to-income rules, a worked example, and delinquency checks. Read guide Guide 13 Co-op Loans in Chicago: How Share Loans Differ From Condo Mortgages How co-op loans work in Chicago: share loans vs. condo mortgages, Fannie Mae co-op rules, limits on FHA and VA, flip taxes and Cook County tax breaks. Read guide Guide 14 Condo Appraisals in Chicago: Low Appraisals, Waivers and the 2026 Form Change How condo appraisals work in Chicago: what happens when a condo appraises low, Fannie Mae value acceptance, challenging the value, and the 2026 form change. Read guide Guide 15 First-Time Condo Buyer Checklist for Chicago: Financing Steps in Order A step-by-step financing checklist for first-time condo buyers in Chicago: who counts as first-time, 3% down loans, building checks, 22.1 disclosures and cash. Read guide Guide 16 Condo vs. Townhome Financing in Chicago: How PUD Loans Differ Condo vs. townhome financing in Chicago: why the recorded declaration decides, how PUD reviews, insurance and pricing differ, and what FHA and VA require. Read guide Guide 17 Small Condo Buildings in Chicago: Financing Two-Flats to 10-Unit Condos How Chicago two-flat to 10-unit condos are financed: when Fannie Mae waives the building review, why FHA is harder under 5 units, VA and insurance rules. Read guide Guide 18 Selling a Condo in Chicago: How Your Buyer’s Loan Affects the Sale Selling a condo in Chicago: how the buyer’s loan and building review, Illinois 22.1 disclosures, seller transfer taxes and credit limits affect your sale. Read guide Guide 19 Condo Deconversion in Chicago: What a Bulk Sale Means for Your Mortgage Chicago condo deconversion rules: the 85% vote, what objecting owners are owed, what happens to your mortgage, and why lenders avoid buildings voting to sell. Read guide

Rule changes and news

What’s changing for condo buyers

All updates

Chicago Condo Loans

An independent educational guide to financing a condominium in Chicago. We are not a lender or mortgage broker, and nothing here is lending, legal or financial advice.

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