Florida Non-Warrantable Condo Mortgage

Fidelity Home Group are mortgage experts in offering non-warrantable condo mortgages in Florida. In Florida, it can be difficult to find a non-warrantable mortgage expert since non-warrantable condos are not available through most mortgage lenders.

A non-warrantable condo refers to a condominium unit or project that does not meet the eligibility criteria set by government-backed entities like Fannie Mae and Freddie Mac. This can make it difficult to obtain a mortgage for the property as many lenders view it as high risk. The reasons for a condo to be considered non-warrantable can include:

• New Construction
• Lack of control over the HOA by the owners
• Master Insurance Policy underinsured
• Low HOA Reserves
• High percentage of non-owner occupied units
• Allowing short-term rentals
• A single entity owning more than 10% of units
• Any ongoing litigation involving the building owner or developer

Non-Warrantable Condo Mortgage Program Highlights:

• Max 80% LTV [ 20% down payment ] for Primary, Secondary or Investment Properties 
• Loan amounts up to $6 Million
• Minimum FICO 660
• DTI up to 50% with compensating factors
• ARM and 30 Year-Fixed Options available
• Rate Term Refinance up to 80% Loan to Value
• Cash-out Refinance up to 70% Loan to Value
• Unit must have a kitchenette/kitchen with a full stove with an oven
• Homeowners Association must not limit the days the unit can be accessed
• Homeowners Association must have an acceptable reserves account
• Homeowners Association must not have any structural litigation in process
• Condotel properties available
• $200,000 minimum loan amount.

Not allowed:

• Structural deficiencies and certain pending litigation
• Incomplete construction of the subject phase
• Units without a stove top and oven – must have both
• Homeowners Association with $0 reserves
• Homeowners Association limits the number of days the property can be accessed

Approved/Evaluated Case-by-Case:

•  Low HOA budget reserves – HOA delinquencies exceeding 15%
• Condos with less than 500 square feet allowed at a max 70% LTV
• Condos with kitchenettes [ including full stove top and oven ] allowed on a case-by-case basis