Non-Warrantable Condo Financing
Non-QM loans offer the flexibility needed to purchase or refinance a non-warrantable condo.
Financing for Non-Warrantable Condos
Financing for non-warrantable condos is possible through loan programs that offer flexible underwriting criteria that accommodate properties outside conventional guidelines. Whether the condo has high investor ownership, doesn’t meet HOA requirements or any other factor that pushes it into the non-warrantable category, Non-QM loans provide tailored solutions, allowing buyers to secure financing for these unique opportunities without the strict limitations of traditional loans.
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What makes a condo non-warrantable?
Often, a condominium is deemed non-warrantable when phases of the development have not yet been completed or when there is a higher concentration of renters than owners. Here are some other reasons a condo may be considered non-warrantble:
The development is still under construction or subject to future phases
More than 20% of the units are used commercially or are considered mixed use
The community allows short-term rentals
A single person or entity owns more than 10% of the total number of units
The developer has not yet turned control of the association to the unit owners
Non Warrantable Condo Program Highlights:
Eligibility for ITIN and SSN borrowers
Loans up to $1,250,000
Financing up to 80% of property value
Primary residence or second home
Only 12 months income history required
Debt-to-income up to 55%
Purchase or refinance options available
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