Non-Warrantable Condos

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Non-Warrantable Condos
Non-Warrantable
Condos
Trying to find a home for a loan in a Condominium Project that just misses the warrantable target?
Looking to expand financing options in newer Condo Complex’s?
How Our Non-Warrantable Condo Project Guidelines Compare
Standard Warrantable
Condo Projects
Our Non-Warrantable
Condo Projects
Non-Incidental Income
Ineligible
Capped at 25% Income
Commercial Purposes
Up to 20% of square footage
Up to 40% of square footage
HOA Dues
Delinquencies
Max. 15% of units may be 30 days or more
past due
Max. 25% of units may be 30 days or more
past due
HOA
Turned over to unit owners
Does not have to be turned over to unit
owners
% Complete and
Sold/Conveyed
100% project is complete; At least 70%
of units must be conveyed or under a
bonafide contract for primary or second
homes
50% of units and 50% of common areas
is complete; At least 35% of units must be
conveyed or under a bona fide contract for
primary or second homes
Budget Reserves
Min. 10%
Min. 5%
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