Most condominiums are considered ‘Warrantable’ by Fannie Mae and Freddie Mac and are financed just like any other home, utilizing any of our many loan options. We also offer hard-to-find mortgages for both Non-warrantable Condominiums and Condotels.
Non-warrantable Condos
Fannie Mae and Freddie Mac will not finance some condominium purchases for various reasons. The most common are:
- The property has over 25% investors / renters.
- The HOA does not have enough reserve capital.
- The HOA has a serious lawsuit pending and/or a history of being sued.
If a condominium does not meet conforming guidelines then this condo is referred to as a Non-warrantable Condo and most banks will not finance the purchase of these units. We do, with these features:
- Great rates. Please call or do a Quick Quote reQuest for current rates.
- 20% down.
- Typical terms, from 10, 15, or 30 year fixed as well as ARM products
Please call with questions or apply today!
Condotels
Condominiums that are part of hotels, such as Austin’s W, are simply not financeable by Freddie Mac and Fanny Mae, so it’s tough to find these mortgages. We have them, and they include these features:
- Great rates. Please call or do a Quick Quote reQuest for current rates.
- 25% down
- Typical terms, from 10, 15, or 30 year fixed as well as ARM products
Equal Housing Lender
No statement on this website is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the house to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Terms of the loan may be subject to payment of points and fees by the applicant. NMLS# 3116