August Condo Rule Changes Could Cost Buyers More

Upcoming condo financing rule changes in August may push buyers — especially first-timers — into higher-rate loan products. Here's what California condo buyers need to know now.

If you're planning to buy a condo in California, there's a critical deadline you need to be aware of: rule changes taking effect in August could significantly affect how your loan gets approved — and how much you pay.

Starting this August, stricter eligibility requirements for conventional condo financing mean that many condo buildings that previously qualified may no longer meet the guidelines. If your target condo doesn't pass the new criteria, you could be forced into a non-conventional loan product — which typically carries a higher interest rate and potentially higher fees.

For first-time buyers, this is particularly painful. Imagine going through the pre-approval process, paying hundreds of dollars in application and inspection fees, only to discover at the last minute that the condo building doesn't qualify for the loan type you expected. That's real money lost with nothing to show for it.

The good news? With the right mortgage broker in your corner, you can vet a condo's eligibility before you fall in love with it. We stay on top of agency guideline changes so you don't get caught off guard.

If you're shopping for a condo, reach out to our team today — we'll run a quick eligibility check and make sure you're set up for the best financing available.