Non-Warrantable Florida Condo Lenders
We offer Non-Warrantable Florida Condo Loans in Florida!
Non-Warrantable Florida Condo Guidelines:
- Minimum 15% Down!
- Florida Non-Warrantable Lender
- Purchase or Refinance
- Full Documentation Only
- 600 FICO Minimum
- Fixed 30 & 15; ARM: 3/1, 5/1, 7/1
- 80% LTV to $625K max loan amt
- Loans to 75% to $1.5M, 70% to $2M, 60% to $3M
- Vacation/Second Home w/ full kitchen only
- Max DTI ratio is 50% w/12 Months PITI Required Liquid. 24 months if >$1M loan amt
- Non-Warrantable Florida Condo Loan amounts up to $2M, 60% LTV
- Low competitive conventional rate!
When Fannie Mae or Freddie Mac determine a Florida Condo project isn’t eligible under their guidelines the project is called a Non-Warrantable Florida Condo.
About Florida Non Warrantable Condo Lenders
The Florida condo project does not fit the three Fannie Mae or Freddie Mac class guidelines. Banks typically do not like to lend on Florida Condominiums in non-warrantable Florida Condo projects because they cannot be insured and cannot be sold off to an investor. The only Florida mortgage lenders who will lend on a non-warrantable Florida Condo project is a typically a Florida portfolio lender.
Non-Warrantable Florida Condo Mortgage portfolio lenders lend their own money and hold the loan for servicing in their “portfolio” of loans. They tend to lend on riskier real estate transactions and give higher rates due to the risk. Yes…this means a Florida Non Warrantable Florida Condo Lenders typically have higher rates.
A NON-WARRANTABLE Florida Condo does not meet ANY ONE of these guidelines:
- A Non-Warrantable Florida Condo Is not: A Florida Condominium project with features that lenders view as favorable in terms of their risk exposure on loans secured by individual Florida Condo units.
- A Non-Warrantable Florida Condo Is not: A project that (including all common areas) is fully completed and the common areas are insured.
- A Non-Warrantable Florida Condo does not: Have the Homeowners Association controlled by unit owners (as opposed to the developer) for some period.
- A Non-Warrantable Florida Condo does not: Have most units are owner-occupied.
- A Non-Warrantable Florida Condo does not: Have one person who owns more than 10% of the units.
Florida Loans on units in warrantable Florida Condos receive better terms than loans on units in a non-warrantable Florida Condo project.
OTHER INFORMATION LINKS RELATED TO NON WARRANTABEL CONDOS
What is a Non Warrantable Condo? A Non Warrantable condo means the condo complex in question does not meet the minimum risk exposure standards of of FHA, VA, or Fannie Mae. Components of A Warrantable Condo include: Most of the Condo units are owner occupied or second homes.
Florida Condominium Lenders – Florida Condo Loans. www.Florida–Mortgage–Lenders.com. What is aNon Warrantable Condo?A Non Warrantable condo means the condo complex in question does notmeet the minimum risk exposure standards of of FHA, VA, or Fannie Mae. Components of AWarrantable Condo include:
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