When the economy goes through tough times, condos and townhouses tend to decrease in value more than single-family residences.

Because of this, mortgages for such residences have special requirements. Most lenders will want the units to be at least 60 percent owner-occupied. This reason for this requirement is the belief that owners will maintain the complex better than renters and the homeowners' association will be stronger.

Once you find the unit you like, you will need to get the answers to the following questions:

• Is the FHA approved? (These are the easiest to finance).

• What is the percentage of owner-occupancy? The higher the percentage, the better.

• Does any one entity own more than 10 percent of the units? If so, this usually makes it hard to finance.

• Is the homeowners' association financially sound and owned totally by the individuals in the complex?