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Having trouble getting a loan or mortgage for a non-warrantable condo? Fidelity Home Group is experienced in offering non-warrantable condo loans in Florida. In Florida or anywhere else it can be difficult to find a non-warrantable mortgage expert since non-warrantable condos are not eligible for most loan programs.
A non-warrantable condo refers to a condominium unit or project that does not meet the eligibility criteria set by government-backed entities like Fannie Mae and Freddie Mac. This can make it difficult to obtain a mortgage for the property as many lenders view it as high risk. The reasons for a condo to be considered non-warrantable can include:
Not allowed:
Approved/Evaluated Case-by-Case:
The Debt Service Coverage Ratio is a ratio of a property’s annual net operating income and its annual mortgage debt, including principal and interest. Lenders use DSCR to analyze how much of a loan can be supported by the income coming from the property as well as to determine how much income coverage there will be at a specific loan amount.
Currently, the non-warrantable condo purchase market in South Beach, Panama City, Palm Beach and Miami is trending upward with the economy. Several other Florida cities are in prime season for buying. Take advantage of the market and discuss financing for your Florida non-warrantable condo with Fidelity Home Group headquartered in Orlando, Florida!
Fidelity Home Group has experienced mortgage experts who are experts in the field of Non-Warrantable Condo loans. We offer top tier technology, competitive interest rates, and a commitment to help you achieve your dream of homeownership. We can be contacted several ways to help answer any questions you may have:
Call us at toll free at 888-259-2257
Text us at 407-955-4575