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A non-warrantable condominium is a condo unit or building that fails to meet the minimum financing or operational standards required for a conventional, FHA, or VA mortgage. If you’re looking to purchase a condo that falls into the non warrantable category, you will need an alternative mortgage option. FNBA’s Non-QM loan programs provide just what you need in order to make buying a non-warrantable condo possible!
Wondering 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
Highlights for Non Warrantable Financing with FNBA Include:
