Obtaining a condo loan is typically more complex than getting a mortgage for another kind of property. This is because a condo’s value is subject to certain factors, many of which aren’t controlled by borrowers. Mortgage companies in the U.S. have higher eligibility criteria for condo loans to account for these risks, making qualifying for a condo loan a relatively complex process. During the underwriting process, the lender or bank reviews your finances and the financial state of the condo association for the unit you’re interested in buying.