Condo Basics
A condominium (or "condo") is a home you own individually inside a building or community that's shared with other owners. You own your unit; the walls, roof, pool, and grounds are owned collectively by every owner through the condo association (HOA).
Every owner pays monthly HOA dues that fund the association's insurance, reserves, maintenance, and shared amenities. The strength of that association — its finances, insurance, and governance — has a huge impact on whether you can get a mortgage, what it will cost, and how easily you can resell later.
When you buy a condo, you're not just buying a unit — you're buying into an association. Lenders underwrite both the borrower and the association. That's what makes condo financing different from buying a single-family home.