FLORIDA NON-WARRANTABLE CONDO LENDERS – Warrantable vs Non-Warrantable Florida Condos
Thinking about buying a condominium in Florida? The first thing you will need to determine is whether you are buying a “warrantable” or “non– warrantable” Florida condo.
10% Down + Florida Non-Warrantable Condo Lenders
- Up to 90% LTV
- Credit scores as low as 500
- Loans up to $3 million
- Up to 100% investor concentration
- New construction: minimum 25% sold & closed
- Up to 50% DTI
- High and low-rise condos acceptable
- Owner-occupied, second homes, and investment properties
- No MI required
- No reserves required
POPULAR FLORIDA NON-WARRANTABLE CONDO PAGES INCLUDE:
WARRANTABLE FLORIDA CONDO LENDERS
When a Florida condo is identified as a warrantable that means it meets Fannie Mae’s and Freddie Mac’s conventional guidelines and Fannie Mae and Freddie Mac will buy the loan. Typically, a Florida condo is considered warrantable if, for instance:
- No single entity owns more than 10% of the condo units in a project, including the developer
- At least 51% of the condo units are owner-occupied
- Fewer than 15% of the condo units are in arrears with their association dues
- There is no litigation in which the condo homeowner’s association (HOA) is named
- Commercial space account for 25 percent or less of the total condo building square footage
NON-WARRANTABLE FLORIDA CONDO LENDERS
A Florida non-warrantable condo is a condo property in which the loan is not eligible to be sold to Freddie Mac or Fannie Mae, and as such, Florida mortgage lenders for this type of property is considered by most banks to be more “risky.” Freddie Mac and Fannie Mae would consider a condo to be “non-warrantable” if, for instance, the condo:
- Is in a FL condo development which has yet to be completed
- Is in a FL condo development which allows for short-term rentals
- Is in a FL condo development where one person or entity owns more than 10% of all units
- Is in a FL condo development where less than 50% of the occupants in a complex are the owners
- Is in a FL condo development involved in litigation of any kind regardless of whether the building is suing another party, or is the party being sued.
Some of the common Florida condo types which fall into the non-warrantable category include condo-hotels, time shares, fractional ownership properties, and other projects which require owners to join an organization, such as a golf club.
Florida non-warrantable condo lenders is an expert in providing residential mortgage loans for non-warrantable condos and has been active in this business for over 10 years. We have excellent non-warrantable condo loan programs and rates for loans of this type. Please contact us for your current financing needs.