Oasis11 - I wanted to add that all banks have stipulations regarding appraisals, and the percentage of owner occupants when buying a condo.
The interest rate with the bank can be floating or lock in depending on what you preferred. With the high rate of foreclosures, buying a condo can pose some problems if the building has a high number of foreclosures.
I was prequalified for my loan, but the property I was buying did not match the appraisal. In another instance the condo I was buying was in a building that was in a resort area and had a lot of renters.
This is also another factor regarding the possibility of obtaining financing. Because the building was less than 50% owner occupants, the bank would not finance. They also look at the condo documents to view the financial health of the association. I finally got the condo that I wanted but it was a lot of work.