Your Non-Warrantable Condo Lender

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What is a Non-Warrantable Condo?

Non-warrantable condos don’t meet traditional guidelines and won’t be bought by government entities like Fannie Mae and Freddie Mac.

There are several reasons why a condo can be deemed non-warrantable:

The property owner, homeowners association (HOA) or developer is involved in litigation.
A high percentage of units are non-owner-occupied.
The developer has not turned over management of HOA to the unit owners.
The development is still under construction or is subject to future phases.
The community allows short-term rentals.
More than 35% of the units are used commercially or are considered mixed use.
The property requires critical repairs.

Why Get a Non-Warrantable Condo Loan?

The Federal Savings Bank offers financing to help you buy a non-warrantable condo, so you don’t have to worry about these limitations.

Check out some of the benefits:

Purchase or refinance options available
Low-rise, mid-rise or high-rise
100% investor concentration
Up to 10% deductible on master condo insurance policy
Litigation may be acceptable on a case-by-case basis

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Can Non-Warrantable Loans Cover Condos Needing Critical Repairs?

Yes, some condos in need of critical repairs can qualify for non-warrantable loans.

Even if the condo you’re eyeing has issues affecting its:

Safety
Soundness
Structural integrity
Habitability

You may still have financing options. Working with a trusted banker can help you find your best path forward.

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This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation.