Financing a condo isn't only about you. Lenders review the building too. At the luxury level, the loan type matters as well.
Jumbo loans
For 2026, FHFA set the conforming loan limit for a one-unit home at $832,750 in most of the country. Your lender can confirm the figure for your county. Many luxury condo purchases in West Palm Beach need more than that, which means a jumbo loan. Expect larger down payments, reserves and stricter documentation. Terms vary by lender, so shop around.
Portfolio loans
Some banks keep loans on their own books. These can work when a building doesn't meet agency guidelines, such as a new building, one with litigation, or one with a high share of rentals. Rates and terms may differ.
FHA and VA
FHA and VA loans require the building to be approved. Many luxury buildings aren't, so check before you fall in love with a unit.
Why the building matters
Lenders look at reserves, insurance, litigation, the mix of owners and renters, commercial space, and safety findings. A condo questionnaire from the association is usually part of the process. For loan applications dated on or after August 3, 2026, Fannie Mae and Freddie Mac retired their lighter review options for established condo projects. Most now need a Full Review unless they qualify for a waiver, so expect more questions about the budget, reserves and insurance. A building with problems can limit the loan options for you and future buyers.
New construction
Pre-construction purchases usually involve deposits paid during construction, with financing at completion. Plan for rates and lending rules possibly changing in the meantime.
Before you shop
Get pre-approved with a lender who knows condos, and ask how they view the buildings you're considering. My due diligence guide covers the paperwork, and the condo building reports show monthly costs to help you budget.
— Joel Poulin, Broker Associate | The Corcoran Group · (561) 556-3668