More than half of my preapprovals last week were for the purchase of a condominium. Normally, between 70-75% of my preapprovals are for single family homes. This has been the case since the beginning of the year, but the percentages are changing.
Guidelines for condominiums have been evolving over the last few years. We are now able to get conventional mortgages with as little as 5% down on a regular basis. Since many condominium complexes are not approved to allow FHA and VA financing, being able to do loans with 5% down, makes more complexes available to new buyers.