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Compare current condo mortgage rates

On Saturday, April 20, 2024, the national average 30-year fixed mortgage APR is 7.34%, according to Bankrate's latest survey of the nation's largest mortgage ... lenders. Use Bankrate's rate table to compare today's condo mortgage APRs.

Current condo mortgage rates

Rates for condo loans and other types of mortgages have gone up in the past year, driven partly by inflation and the resulting Federal Reserve rate hikes. Now in 2024, mortgage rates could come back down, particularly if the Fed moves to cut rates.Generally, condo mortgages tend to have slightly higher interest rates due to increased risk, and particularly if the mortgage is for a second home or investment property.What are the different types of condo mortgages? If you’re planning to buy a condo to live in, you might qualify for one or more of the following mortgage options:

  • Conventional loans – 3 percent or 5 percent down, with a 620 minimum credit score
  • FHA loans – 3.5 percent down with a 580 minimum credit score, or 10 percent down with a 500 minimum credit score; must be for an FHA-approved condo
  • VA loans – No minimum down payment or credit score; must be an eligible service member or veteran; must be for a VA-approved condo
  • USDA loans – No minimum down payment or credit score; must be in an eligible location

If none of these options work for you, look into a non-warrantable condo loan. Non-warrantable condos don’t meet the federal operational and/or financial standards required for many types of condo mortgages.

How to get a condo mortgage

Getting a condo mortgage can be more difficult than a loan for a single-family home because your lender considers more than just your personal finances and the property — it’ll also scrutinize the whole development.Here are some of the basic requirements you’ll need to meet:

  • Credit score requirements: A conventional condo mortgage typically requires a minimum credit score of 620. For an FHA loan, you’ll need a score of at least 580 with 3.5 percent down.
  • Debt-to-income (DTI) ratio: For a conventional condo mortgage, you’ll generally need a DTI ratio of no more than 45 percent; for an FHA loan, 50 percent; and for a VA or USDA loan, 41 percent.
  • Down payment: Conventional mortgages require a minimum of 3 percent down; FHA mortgages require at least 3.5 percent; and USDA and VA loans have no set down payment requirement.

When you’re ready to get a condo loan, start by:

  1. Reviewing your credit and finances. Your credit score is the primary driver of your mortgage rate, so if it needs work, now’s the time to address it. Likewise, while you don’t necessarily need 20 percent down, the more you can save, the more flexibility you’ll have.
  2. Compare mortgage lenders and offers. There are many ways to finance a condo. Doing the legwork can help you uncover the best — and lowest-cost — option.
  3. Get preapproved. Once you have a lender in mind, get preapproved. That way, you can make an offer right away when you find the right property.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163

3.6

Rating: 3.6 stars out of 5
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Recent Customer Reviews

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Rating: 4.98 stars out of 5

5.0

562reviews

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Homefinity

NMLS: 2289

State License: 4965

4.5

Rating: 4.5 stars out of 5
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Recent Customer Reviews

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Rating: 4.94 stars out of 5

4.9

1063reviews

Condo mortgage FAQ