No, there is no such thing as a “no questions asked” loan. But there is something called “Limited Review” for Conforming (loans at $417,000 or less) condo loans. It makes getting a condo loan “much” easier.
When a lender gets a new Conforming loan it inputs a condo loan application and credit score into an automated underwriting system. If the resulting loan approval yields a “Limited Review” as part of the approval, that is good. That means some questions related to the condo will not be asked during underwriting.
What a Limited Review specifically means is that a lender will not require much of the documentation that would normally be required when underwriting a condo loan. For example, a “condo questionnaire” would not be required. This is the biggest advantage of a Limited Review. Assume you are buying a condo that has what a lender sees as an issue. An example of an issue would be a condo that has an insufficient reserve account. Not having to get the condo questionnaire would avoid the issue and means you will get a loan approval where you normally may not.
Avoiding the condo questionnaire also saves the money that a property manager would charge for that form. This fee is typically $50-$250.
You will not get a Limited Review authorization on a condo loan on a 5% or 10% down loan, or with a 680 or 700 credit score. To get a Limited Review you typically need a larger down payment such as 20% down. Also, a higher credit score such as 740 or higher is needed. So as you can see, there is not a “No Questions Asked Loan” for condos. However, a Limited Review may be a big help!