<prompt> Human: My husband and I are shopping around for our first home. We are debt free, both have 700 credit scores and have a solid down payment saved. I read all the FAQs about housing but could not find anything about the condo vs traditional home options. Any advice would be helpful!  <response>: A condo is an arrangement where multiple families are living in the same building, with all that entails.In terms of mortgages, theyre treated almost exactly the same. The mortgager may require some information from a condo association typically, proof of insurance for the building but thats it.Nearly every condominium has an association that you will have to pay a monthly fee to, for upkeep, lawn care, etc; this is a homeowners assocation. Watch out for that, as those fees can get very high for upscale condominiums. Some houses also have this in a subdivision, for example, but Ive yet to see a condominium that doesnt. 