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Condo Loans

Live the Florida lifestyle with our condo loan options

Condo living is a lifestyle in Florida, but getting condo financing can be challenging. If you desire the carefree convenience of condo living, SCCU offers flexible condo loans with down payments as low as 3%.  Our experts will help you navigate special condo rules, like owner occupancy and HOA guidelines, and get you moving in sooner!
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Product Features

Terms & Fees
Terms Various Fixed and Adjustable
Application Fees None
Pre-payment Penalties None
Intangible Tax None
Origination Fee $1,100

Condo Loans

Effective Date: January 22, 2021
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Term Interest Rate APR* Example Loan Amount Example Monthly Payment
10 Years 2.500% 2.709% $200,000 $1,885.40
15 Years 2.625% 2.768% $200,000 $1,345.38
20 Years 3.125% 3.237% $200,000 $1,121.75
30 Years 3.125% 3.204% $200,000 $856.75

Frequently Asked Questions

At SCCU, borrowers may qualify for financing up to 97% for primary residences, so only a 3% down payment may be required. We also offer condo mortgage loans on certain vacation and second homes with just 10% down. Conventional mortgage financing up to 85% is available as well if the condo property does not meet Fannie Mae guidelines.

To learn more about all of the options SCCU offers for condo loans, please request a loan consultation with one of our loan officers.

As with FHA condo loans, the entire building or complex must be approved by the Department of Veterans Affairs (VA) before a condo can be purchased with a VA loan. There are additional requirements as well, such as a restriction on financing just-built condo developments that are not at least 75% sold. You can learn more at the VA's website, or contact an SCCU loan officer for more information on the condo mortgage loan programs we offer.

It is possible to obtain condo financing via an FHA loan, but there's one important aspect to consider: FHA loans are available only for units in an FHA-approved condo development. The FHA has these additional requirements as well:
  • The condos in the building or development must be at least 50% occupied by owners
  • Only a certain percentage of the units can be currently financed by existing FHA loans
  • Only a certain percentage of the building or development's units can be more than one month delinquent on homeowner's association dues
  • The condominium complex must have been completed for a minimum of one year with no additional phases or additions pending
Contact us for more information on your options for condo loans.

At SCCU, the answer is yes! Qualified buyers can choose from a 30- or 15-year fixed rate, or from our adjustable rate mortgage and jumbo loan options. SCCU offers a variety of mortgage interest rate options.

Whether you need financing for a condo, house, or vehicle, SCCU makes the application process as easy as possible. You can start your application by applying online, or call Express Sales at one of the following numbers:
  • Brevard: 321-752-2222
  • Broward: 954-704-5000
  • Miami-Dade: 305-882-5000
  • All other areas: 800-447-7228
When you're ready to apply for a condo mortgage loan, here's some of the information you will need to have at hand during the application process:
  • The address of your current residence or addresses you've had for the past two years
  • Social Security numbers for all borrowers
  • Income information for all borrowers
  • Your most recent two years' employment history, plus contact information for each employer
  • The condo's address, price and the amount you would like to borrow
  • Information on your bank and brokerage accounts
  • Basic information on any real estate you currently own
  • Information about your debts, including names of creditors, account numbers, balances and monthly payments

To better understand how condo financing differs from loans on most other types of property, it's important to keep in mind the two sides of financing a property from the lender's point of view. First is the evaluation of your ability to repay the mortgage based on your income, credit and other factors. Second is a thorough assessment of the property itself.

With a condo, the lender must take factors into consideration that aren't relevant to most other property types, such as:
  • The state of the homeowner's association's finances, including whether it has adequate reserves and whether other owners are paying their fair share through condo fees
  • The terms in the condo documents, some of which can help lenders assess whether the condo is likely to depreciate rather than appreciate in value over time
  • How many units are owner-occupied, which may be an indicator of how well the condo will hold its value
In addition to the above, condo mortgage rates can be higher than the interest rates on single-family homes. If you are considering Fannie Mae, Freddie Mac or FHA condo financing, there are also certain requirements and standards for both the condo development and its homeowner's association.

To help make the buying process simpler if you're planning to purchase a condo, consider getting pre-approval for your condo loan with Space Coast Credit Union. Contact us or apply online now.

If you are looking for condo financing or any other type of mortgage loan, your credit score will be one of the most important factors as a lender reviews your qualifications. Because each lender will have its own requirements—and each condominium property is unique—you should check with each lender you're considering. You may need a higher credit score or a more favorable debt-to-income ratio for a condo loan than you would for a single-family home loan because owning a condo can involve additional monthly obligations, such as an HOA payment, that may be a factor in qualifying.

When you secure your condo loan with SCCU, you don't just become our customer—you become a member! Your membership delivers a wide range of benefits, including Free Online and Mobile Banking and access to great credit union interest rates on savings, vehicle loans and more.

You'll also save on closing costs on your condo mortgage loan since, as a non-profit credit union, SCCU is not required to pay Florida Intangible Personal Property Tax. In addition, our condo financing allows for non-resident co-borrowers. We offer up to 97% financing on primary residences and 90% on vacation properties and second homes, and up to 85% financing with no private mortgage insurance (PMI).

Ready to apply for condo financing with SCCU? It's easy to get started: apply online now or contact our Express Services team.