Non-Warrantable Condo Loans

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.


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