CONDO FINANCING
Non-Warrantable Condo Loans
When the condo building is the problem — financing options for buildings that do not meet Fannie Mae, Freddie Mac, FHA or VA rules.
OVERVIEW
Financing for Florida condos
A condo is “non-warrantable” when the building does not meet agency guidelines. Common reasons include a single owner or entity owning too many units, a high percentage of investor-owned units, pending litigation, significant commercial space, short-term rental or hotel-style operations, underfunded reserves, or required repairs and special assessments.
In Florida, post-2022 building safety laws — including milestone structural inspections and structural integrity reserve studies — have made condo reviews more involved. Some buildings temporarily fall out of agency eligibility while repairs or reserve funding are addressed. Non-warrantable condo programs can keep a sale moving.
At a glance
- Primary residences, second homes and investment units
- Down payments commonly from 20%–25%
- Condotels and buildings with litigation considered by some lenders
- Full-doc, bank statement and DSCR versions available
- Building review early in the process
Who it’s a good fit for
- Buyers in buildings that failed an agency review
- Investors buying condos with high investor concentration
- Buyers of condotels or short-term-rental-friendly buildings
- Agents whose deals stalled on the condo questionnaire
KEY FEATURES
How it works
Early condo review
Send the building name and address first. Alex can request the condo questionnaire and budget early to spot problems.
Multiple lender options
Non-warrantable guidelines vary widely, so having many wholesale lenders matters.
Combine with Non-QM
Pair with bank statement or DSCR qualifying when needed.
Florida safety laws
Milestone inspections, SIRS reserves and special assessments are reviewed as part of the building approval.
GENERAL GUIDELINES
What lenders typically look at
- Condo questionnaire, budget and insurance documents
- Down payment commonly 20%+
- Credit and reserves that meet program minimums
- Satisfactory building review by the lender
Guidelines vary by lender and change over time. Alex will review your specific situation against current program rules.
GOOD TO KNOW
Things to consider
- Rates are typically higher than warrantable condo financing
- Large special assessments can affect approval and qualifying
- Some buildings cannot be financed at all until repairs are complete
- Start the building review before the inspection period ends
Run your numbers first
Use the Amortization Calculator to estimate your payment and see how your balance pays down. Then tap Check My Options and Alex will confirm real figures for your situation.
FAQ
Common questions
How do I know if a condo is warrantable?
The lender reviews a questionnaire, budget, insurance and other building documents. Alex can start this review early so there are no surprises.
Can I use FHA or VA for a condo?
Only if the project is FHA- or VA-approved, or meets single-unit approval requirements for FHA.
What about condotels?
Some Non-QM lenders finance condotel units, usually with larger down payments.
GET STARTED
See what you may qualify for
Share a few details and Alex will follow up personally to review your options — usually the same business day. No obligation, and requesting information does not affect your credit.
- Shop 300+ wholesale lenders through NEXA Mortgage
- Clear answers on rates, costs and cash to close
- Pre-approval decisions typically within 24 hours of a complete application
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EXPLORE MORE
Related loan programs
Non-QM LoansDSCR Investor LoansJumbo LoansConventional LoansAll loan programsThe mortgage process
Non-QM programs (such as bank statement and DSCR loans) are not agency or government loans and may carry different terms, rates and fees. Not a commitment to lend. Not all applicants qualify. Programs, rates, terms and availability may change without notice. All loans are subject to credit, income, asset and property approval. H. Alex El-Ali, NMLS #1513750, FL LO125697 | NEXA Mortgage, LLC, NMLS #1660690. Equal Housing Lender.
Ready To Take The Next Step?
Talk with Alex about your goals — no pressure, no obligation.