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  • Monument Mortgage Co.

All You Need to Know About Condos

Updated: Apr 17, 2019


Important Questions to Ask

  • How many units?

  • Is the project complete?

  • Are all the units sold?

  • Is there commercial space?

  • Is the project named as a party to a lawsuit?

  • Does any single entity own more than one unit?

  • Are any of the Condominium Association Dues more than one-month delinquent?

  • Has control been turned over to the unit owners?


What is a "Condo Crusher"

Condo Crusher = Criteria that makes a Condominium project ineligible

  • Commercial influence is >35% of the space.

  • Project is named as party to pending litigation (unless minor in nature).

One single entity owns more than one unit and does not meet the following:

  • Projects with 2-4 units – single entity ownership does not apply. One person may own multiple units.

  • Projects with 5-20 units – no more than two units per owner.

  • Projects with 21 or more units – no more than 20% per owner.


2-4 Unit Condos


Recent changes have made buying a unit within a 2-4 unit condo project much easier!

  • There are no questions ASKED.

  • CONDO REVIEW IS WAIVED FOR NEW AND ESTABLISHED 2-4 Unit projects, except for some basic project requirements (ie, proper insurance, appraisal,).


Investment Condos


Buying an Investment condo has never been easier. Now, buyers who put down 25% are be eligible for a streamline, limited review- eliminating full condo review and without a questionnaire needed!

This means:

  1. NO OCCUPANCY REQUIREMENT IS ASK.

  2. NO BUDGET IS NEEDED.

  3. NO WORRIES ABOUT MULTIPLE UNIT OWNERS.

Another way, we can help you with FASTER Closings.



We love condos, because we know condos! We are here to answer ANY questions you have about condo project requirement. Let us help your buyers get into the right program because of the right information about condo warranty.


Contact a Loan Officer Today!



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Monument Mortgage Co Inc.

Lexington Office:

91 Hartwell Ave 

Lexington, MA 02421

Newburyport Office:

11 Market Square

Newburyport, MA 01950

© Monument Mortgage Co. Inc. 2019

NMLS #2705 (Lexington) NMLS #803542 (Newburyport)

MA Lenders ad Brokers License #MC2705 Licensed by the New Hampshire Banking Department Licensed in Maine * We arrange but do not make loans 

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