Non-Warrantable Condo Loans
VanDyk Mortgage offers Conventional and Jumbo Financing options for Non-Warrantable Condos. What is a non-warrantable condo? Basically it’s a condo that doesn’t meet Fannie Mae and Freddie Mac guidelines for Condo approval. The same guidelines apply to most Jumbo Loans, but that’s where our VanDyk Non-Warrantable Condo loans come in.
If the Condo Complex (aka Association) is not warrantable (approvable) for one of the following reasons, we may be able to help with our Non-Warrantable Condo loans:
- Budget with less than 10% for reserves (HOA budget)
- Mixed use percentages from 20-40%
- a single entity owns between 10% and 25% of the units (normal max is 10%)
- up to 25% of the homeowners can be delinquent on dues (vs no more than 15% normally)
These are approved on a case by case basis, as we will examine the overall health of the HOA/ Condo Association to determine if it qualifies.
Look at these options available for Non-Warrantable condo loans:
- Borrow up to $1m with as little as 15% down payment and no PMI!
- Refinance up to 85% with no PMI (up to $1m loan amounts).
- Owner occupied Cash out Refi’s up to 75% LTV.
- Up to 75% LTV for second home Condo’s – purchase and refinance
Give us a call today to get started or just ask a question about the program. 866-900-2342 toll free direct.