Financing on condos tips

Question: Allison, we own a condo a Lake Cliffe in Dillon, CO, and we are ready to put it on the market, but we’ve heard that it is next to impossible to get a loan on a condo right now.  What do we need to know?

Answer:  Good question!  We have had some big challenges with condo financing for the past several years.  The good news is that the trend seems to be loosening up a bit.  For more details, I checked with Wendy Paulus of Cherry Creek Mortgage.  Here’s her take:

“For the last several years, we have been pretty restrictive on condos, particularly those in resort areas.  Effective in 2013, our rules have been relaxed and we are in a position to offer conventional financing, including 30 year fixed, up to $417,000 loan amounts and the rates/costs are typical conventional!!!

(we hope to expand this to High Balance Conforming and Jumbo soon as well)


-          Up to 95% loan to value with and without mortgage insurance


-          Up to 90% loan to value with and without mortgage insurance


-          Up to 80% loan to value

We no longer call a condominium a condotel just because there are short-term rentals in the project. 

We are still restricted from lending on a project that has more than 20% commercial in the building.

We still ask for information from the HOA including questionnaire, decs/bylaws, insurance(s)  and annual budget

Front desks for 24 hour check-in/booking are still an issue.

We are going to try to get some projects approved in advance of actually taking a loan application so if you have a condo project that you find is a strong seller in your market, let me know and we will attempt to get it approved for you.”

This is good news for Summit County where almost all of our condo complexes could have been considered condotels in the last few years.  We’re making steady progress forward! 


For answers to your real estate questions, call Allison at 970-468-6800. Email - [email protected]. Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours.  Want to know the value of your Summit County property? Visit

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