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Non-warrantable Condo

Non-warrantable condos do not meet the financing guidelines for Fannie Mae or Freddie Mac or the Federal Housing Administration or Housing and Urban Development. These mortgage agencies provide liquidity on reasonable terms to financial institutions that make loans to individuals to finance properties.

There are a number of reasons why a condo unit can be categorized as non-warrantable:

  • It has yet to be completed or is newly constructed
  • Inadequate insurance coverage
  • The developer has not relinquished control of HOA
  • One entity owns more than 10 percent of all units
  • High percentage of condos are being rented
  • Some questionable “financial health” circumstances with the condominium association, such as litigation regarding safety and structural issues.

Product highlights

  • Up to 100% investor concentration
  • New construction: minimum 25% sold & closed
  • Credit scores starting at 500
  • Up to 90%
  • LTV Up to 50% DTI
  • Loans up to $2 million