• Warrantable condos: 80% LTV purchase, standard DSCR pricing
• Non-warrantable condos: 75% LTV purchase, specialty programs available
• Condotels (condo-hotel units used as STR): 70% LTV, dedicated condotel programs
• Townhomes: priced identically to single-family rentals
• HOA dues factor into DSCR calculation - include them when running scenarios
• PUDs (planned unit developments) treated like single-family

• You own or are buying a condo, townhome, or PUD as an investment property
• You can document the HOA financials (master insurance, reserves, owner-occupancy ratio) if the property is in an HOA
• For non-warrantable: HOA has 0 pending litigation that would impair value, or you accept the rate premium

Same DSCR application + appraisal flow, with one extra document: an HOA questionnaire. The lender sends a standard questionnaire to the HOA management company asking for reserves, master insurance, owner-occupancy ratio, litigation status. Most HOAs respond within 5-10 business days. If the HOA fails the warrantability check, the file moves to a non-warrantable program.

• HOA dues are part of PITIA in the DSCR calculation. A $500/mo HOA can swing a DSCR ratio from 1.20 to 1.05 - factor it in early.
• High investor concentration is the most common warrantability failure (over 50% non-owner-occupied units). Verify with the HOA before going under contract on a property that might fail.
• Special assessments matter. A pending assessment over $5k that the seller is not paying off can be a problem at underwriting.
• Condo master insurance must be current and provide adequate coverage. Lenders sometimes require evidence the deductible is reasonable (typically $25k or lower).