Florida Non-Warrantable Condo Loans

Fidelity Home Group are mortgage experts in offering non-warrantable condo loans in Florida. In Florida, it can be difficult to find a non-warrantable mortgage expert since non-warrantable condos are not available through most mortgage lenders.

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:

• New Construction
• Lack of control over the HOA by the owners
• Master Insurance Policy underinsured
• Low HOA Reserves
• High percentage of non-owner occupied units
• Allowing short-term rentals
• A single entity owning more than 10% of units
• Any ongoing litigation involving the building owner or developer

Non-Warrantable Condo Mortgage Program Highlights:

• Max 80% LTV [ 20% down payment ] for Primary, Secondary or Investment Properties under 3 stories
• Max 75% LTV [ 25% down payment ] for Primary, Secondary or Investment Properties over 3 stories
• Loan amounts up to $6 Million
• Minimum FICO 660
• DTI up to 50% with compensating factors
• ARM and 30 Year-Fixed Options available
• Rate Term Refinance up to 75% Loan to Value
• Cash-out Refinance up to 70% Loan to Value
• Unit must have a kitchenette/kitchen with a full stove with an oven
• Homeowners Association must not limit the days the unit can be accessed
• Homeowners Association must have an acceptable reserves account
• Homeowners Association must not have any structural litigation in process
• Condotel property financing also available
• $200,000 minimum loan amount
• Can close in the name of the LLC/Corp on request

Not allowed:

• Structural deficiencies and certain pending litigation
• Incomplete construction of the subject phase
• Units without a stove top and oven – must have both
• Homeowners Association with $0 reserves
• Homeowners Association limits the number of days the property can be accessed

Approved/Evaluated Case-by-Case:

•  Low HOA budget reserves – HOA delinquencies exceeding 15%
• Condos with less than 500 square feet allowed at a max 70% LTV
• Condos with kitchenettes [ including full stove top and oven ] allowed on a case-by-case basis
• Reduced Condo Project Master Insurance Policy limits

What Are the Requirements?

• Minimum credit score 660
• Must be an Investment Property
• Minimum down payment of 25% [ 75% Loan to Value ] for Non-Warrantable Condo Purchase
• Rate & Term Refinance up to 75% Loan to Value
• Cash-out Refinance up to 75% Loan to Value
• Minimum Debt Service Coverage Ratio of 1% 
• Long-term and short-term rental income accepted

Non-Warrantable Condo Bank Statement Mortgage Option:

• 12 or 24 Months Personal Bank Statement Available [ use 100% of Deposits ]
• 12 or 24 Months Business Bank Statement Available [ Monthly net income from the deposits after deducting a 15% expense factor (or one that is reasonable for the line of work) from the total usable deposits ]
• Minimum 20% down payment [ Max 80% LTV ] for Primary, Secondary or Investment Properties under 3 stories
• Minimum 25% down payment [ Max 75% LTV ] for Primary, Secondary or Investment Properties over 3 stories
• Rate & Term Refinance up to 75% Loan to Value
• Cash-out Refinance up to 70% Loan to Value
• Minimum FICO 680
• DTI up to 50% with compensating factors
• ARM and 30 Year-Fixed Options available
• Purchase and Rate Term Refinance options available
• Condotel property financing also available
• $200,000 minimum loan amount

Monthly income is: Total Assets divided by 60: 

The non-warrantable condo purchase market along  Florida’s Emerald Coast – Pensacola Beach, Navarre Beach, Fort Walton Beach, Destin, Sandestin, Miramar Beach, 30a and Panama City Beach, South Beach, Fort Lauderdale, Palm Beach and Miami are 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 Condotel with Fidelity Home Group.

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