The Battleship building in Downtown Columbus, Ohio currently has FOUR units available from $135,000 to $174,900

One of the criteria Freddie Mac and Fannie Mae now use to make a condo complex conforming to their guidelines is that the complex cannot have more than 20% of its total square footage as Commercial space. 

If that is the case, only a portfolio lender can finance the condo in that complex. 

Most building downtown would be OK, but a perfect example is the Battleship Building in the arena district which has 22% of its space used as Commercial.

FHA mortgages aren’t available for all condos.  Downtown, most of the not-yet-approved condo buildings have attained FHA status or are busy trying to attain approval. It makes a BIG difference wether or not a buyer can put down FHA’s 3.5% or conventional’s 20%.

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