Explore Non-Warrantable Condo Mortgage Lender Options
Flexible financing for non-warrantable condominiums
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Unlock Condo Financing with a Non-Warrantable Loan
At First Heritage Mortgage, we understand how difficult it can be to find affordable financing for a non-warrantable condo. As experienced mortgage lenders, we specialize in helping buyers and owners achieve their goals and obtain competitive financing for these unique properties.
What Makes A Condo Non-Warrantable?
A condominium property is flagged as non-warrantable if the loan is not eligible to be sold to Fannie Mae or Freddie Mac because it does not meet their conventional guidelines. Many lenders consider financing a mortgage for this type of property to be too risky.
A condo unit might be considered non-warrantable if:
- The project is new construction and/or has yet to be completed
- The developer has not turned over control of the HOA to the owners
- A high percentage of units are occupied by non-owners
- The community allows short-term rentals
- A single person or entity owns more than 10% of the total number of units
- The building owner or developer is involved in litigation of any kind
Rather than turning away such properties, our team of lender experts embraces the opportunity to craft tailored solutions.
Non-Warrantable Condo Program Highlights
We offer a range of financing solutions for non-warrantable condominiums, so you can find the mortgage you want — minus the hassles and stress you don’t.
Highlights of our non-warrantable condo loan offering include:
- Purchase or refinance options
- High loan-to-value (LTV) financing and competitive loan limits
- Choose between fixed and adjustable rate options
- Flexible qualifying criteria for self-employed, investors, and more
- Primary residence, second homes, and investment properties all eligible
Types of Non-Warrantable Condo Loans
Where conventional lenders shy away, we offer a variety of loan programs for non-warrantable condos:
- Bank Statement Loans for self-employed borrowers
- Asset Depletion Loans using investment accounts and other assets
- Jumbo Non-Warrantable Loans up to $3 million+
- Foreign National Loans for non-U.S. citizen buyers
- Investment Property Loans for real estate investors
What to Expect with Non-Warrantable Condo Loans
While the financing process is similar to a traditional mortgage, there are a few key differences when obtaining a non-warrantable condo loan:
- Higher Down Payments: You’ll typically need to put down at least 10-20% vs. 3-5% for warrantable condos.
- Stricter Requirements: Expect tighter debt-to-income ratio limits and higher credit score benchmarks.
- More Documentation: Be prepared to provide additional documentation on the condo project, financials, litigation details, and more.
- Higher Interest Rates: Non-warrantable loans often come with slightly higher rates to offset the increased risk for lenders.
However, as experienced non-warrantable condo mortgage lenders, we can help you navigate these complexities for a smoother approval process. Our in-house underwriting team takes a personalized approach, evaluating each association’s finances, ownership structure, and regulations. This allows us to make informed lending decisions, often approving loans that others might reject — and enabling you to own your dream home.
Looking for More?
Our specialty loan products don’t end here — we also offer second home mortgage loans and bridge loans! Speak to one of our experienced loan officers today to learn more about which of our programs is right for you.
Connect With A Loan OfficerReady? Let’s get started.
Get in touch with our team of non-warrantable condo loan experts to learn more about the loan option that’s best for you.
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