Emily, the technical answer is yes. But it doesn't always work out that way. A lender will allow a 10% down-payment loan on a condo, but lenders do so with a "Full Condo Review" which means they will document and review all the condo's financials, budgets, financial statements, etc. Often, condos' financials do not meet the Fannie Mae requirements. In this case, you'll be forced to put a higher down-payment so that us lenders can do what's called a "Limited Review".
So bottom line is that it depends on the condo and its financials. The first step is to get pre-approved for a mortgage to begin with and then start shopping for a condo that works for you. I am always available to meet and help you with this process. Feel free to to call or email me if anything. Good luck!
IF MY RESPONSE WAS HELPFUL, CONSIDER CLICKING BEST ANSWER! â€¢ Javier Meneses Senior â€¢ Loan Officer â€¢ NMLS #23130 â€¢ STERLING NATIONAL BANK â€¢ 310 Crossways Park Drive â€¢ Woodbury, NY 11797 â€¢ email@example.com â€¢ (516) 606-9648 Cell â€¢ (516) 740-4478 Office â€¢ (516) 918-5383 Fax