Buying a condo is different from buying a house: the lender approves the building as well as you, and your monthly condo fee counts toward what you qualify for. That’s why the My Cleveland Condo team works with a dedicated Condo Financing Specialist, Matt Sheffey of Keller Home Loans. Use our condo mortgage calculators below, then let Matt check the building and get you pre-approved before you make an offer.

Get Pre-Approved for a Condo Call Matt (440) 668-2942

Condo Mortgage Calculator

Estimate your full monthly condo payment, including the condo fee and condo (HO-6) insurance that a basic mortgage calculator leaves out.

How Much Condo Can I Afford?

Enter your income, debts and down payment to see an estimated condo price range, with the monthly condo fee built in.

Meet Your Condo Financing Specialist

Why Condo Financing Is Different

• The building gets reviewed, not just you. Lenders look at the condo association’s budget, reserves, insurance, owner-occupancy and any pending litigation before they approve a loan.
• FHA and VA loans need an approved project. FHA and VA financing generally requires the condo project to be approved by HUD or the VA. FHA also allows single-unit approvals in some projects that aren’t on the approved list.
• Warrantable vs. non-warrantable. Condos that meet Fannie Mae and Freddie Mac guidelines qualify for standard conventional loans. Non-warrantable condos can still be financed, usually with a different program and a larger down payment.
• Your condo fee counts as debt. The monthly fee is added to your housing payment when a lender calculates what you qualify for, so a building with a lower fee can stretch your budget further.
• Condo insurance is different. You’ll carry an HO-6 policy for your unit’s interior and belongings, while the association’s master policy covers the building.
• Special assessments and tax abatements matter. An approved assessment or an expiring Cleveland tax abatement can change your monthly cost, so Matt and our team check both before you commit.

Condo Loan Options

• Conventional condo loans for warrantable condos, with down payments that can start well below 20% (with PMI).
• FHA condo loans in FHA-approved buildings or through a single-unit approval, popular with first-time condo buyers.
• VA condo loans for eligible veterans and service members in VA-approved condo projects.
• Non-warrantable condo financing for buildings that don’t meet conventional guidelines, such as those with high investor ownership or commercial space.
• Jumbo condo loans for luxury high-rise and lakefront condos above conforming loan limits.
• Refinancing for condo owners who want a lower rate or to tap equity.

Not sure which fits the condo you’re eyeing? Call Matt at (440) 668-2942 with the address, and he’ll tell you which loan programs the building supports.

Greater Cleveland Condo Numbers to Plan With

• Median condo price: $200,750 across the 25 Greater Cleveland cities we cover (MLS Now, 12 months ending October 2026), up from $195,000 the year before.
• Median reported condo fee: about $347 a month, ranging from roughly $100 at some townhome communities to more than $2,000 in full-service high-rises.
• Building-by-building details: every condo community page lists recent sale prices, unit sizes and the reported fee range for that building.
• Cleveland tax abatements: many Cleveland condos carry a partial or full tax abatement. Check the years remaining on our tax abatement page.

Looking at an abated condo? Our free guide lists every Greater Cleveland condo building with an active tax abatement, the year each one ends and what it does to your payment.

Free download: Cleveland Tax Abatement Condos Guide →

How the Condo Loan Process Works

1. Get pre-approved with Matt. He’ll confirm your budget with the condo fee included.
2. Shop condos with our team. We flag fees, rental rules, assessments and abatements on every building.
3. Matt checks the building. Before or right after your offer, he reviews the condo project’s approval status and questionnaire.
4. Appraisal and underwriting. The lender orders the appraisal and finalizes your approval.
5. Title and closing. Trilogy Title Agency handles title, the association payoff, condo fee and tax prorations and closing; you sign at Trilogy’s Westlake (Crocker Road) or Independence office.
6. Get your keys. Welcome home to your new Greater Cleveland condo.

Frequently Asked Questions

Who is the best lender for a condo in Cleveland?

Choose a lender who knows condo projects, not just mortgages. Our team’s Condo Financing Specialist, Matt Sheffey of Keller Home Loans (NMLS #197990), has been lending since 2006 and works on condo purchases across Greater Cleveland every week. Call him at (440) 668-2942. You are always free to choose any lender.

How much do I need to put down on a condo?

It depends on the loan program and the building. FHA and conventional condo loans can allow low down payments in approved or warrantable projects, while non-warrantable condos and some jumbo loans usually require more. Matt can tell you the minimum for a specific condo before you make an offer.

Does the condo fee affect how much I can borrow?

Yes. Lenders add the monthly condo fee to your housing payment when they calculate your debt-to-income ratio, so a higher fee lowers the price you can afford. Our affordability calculator above shows the effect, and every condo page on this site lists that building’s fee range.

How do I know if a condo is FHA-approved?

FHA approval is by condo project, and approvals can expire. Matt checks a building’s current FHA status, and whether a single-unit approval is possible, as part of your pre-approval. Ask before you write an offer if you plan to use FHA.

What is a non-warrantable condo?

A non-warrantable condo is in a project that doesn’t meet Fannie Mae or Freddie Mac guidelines, often because of high investor ownership, commercial space, low reserves or litigation. These condos can still be financed, usually with different loan programs and a larger down payment.

Can I get pre-approved before I pick a building?

Yes, and you should. A pre-approval sets your budget with a typical condo fee included, and once you choose a building Matt reviews that specific project so your financing is ready when you write an offer. Start your condo pre-approval online.

Ready to Finance Your Condo?

Talk to Matt Sheffey, our Condo Financing Specialist, and get pre-approved before your next condo tour.

Get Pre-Approved for a Condo Call Matt (440) 668-2942

Matt Sheffey, VP of Sales, NMLS #197990. Keller Home Loans is a division of Mutual of Omaha Mortgage, Inc., NMLS ID 1025894, 3131 Camino Del Rio North, Suite 1100, San Diego, CA 92108. Equal Housing Lender. Subject to credit approval. Calculators provide estimates only; the example rate is not a quote. My Cleveland Condo / The EZ Sales Team, Keller Williams Citywide may have a business relationship with Keller Home Loans; you are not required to use any particular lender.