Fidelity Home Group offers mortgages for Non-Warrantable, Condotel, and Coop/Co-op property types. In Florida 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:
- New Construction
- Lack of control over the HOA by the owners
- 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
Orlando Non-Warrantable Condo Requirements:
- Max 80% LTV for Second Home [ 20% down payment ]
- Max 70% LTV for Investment Property [ 30% down payment ]
- Loan amounts up to $6 Million
- Minimum FICO 680
- DTI up to 50% with compensating factors
- ARM and 30 Year-Fixed Options available
- Purchase, Rate Term refi, Cash-out refi and Debt Consolidation available
- Unit must have a kitchenette/kitchen with a full stove
- Homeowners Association must not limit the days the unit can be accessed
- Non-warrantable condominiums including condotel properties
- $200,000 minimum loan amount.
Non-Warrantable Condo Bank Statement Income 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 P&L or income after deducting a 15% expense factor (or one that is reasonable for the line of work) from the total usable deposits ]
- Max 80% LTV for Second Home [ 20% down payment ]
- Max 70% LTV for Investment Property [ 30% down payment ]
- Minimum FICO 680
- Second Home and Investment Properties allowed
- DTI up to 50% with compensating factors
- ARM and 30 Year-Fixed Options available
- Purchase and Rate Term Refinance options available
- Condotel properties included
- $200,000 minimum loan amount
Currently, the non-warrantable condo purchase market in Orlando is trending upward. Take advantage of the market and discuss financing for your Orlando non-warrantable condo with Fidelity Home Group headquartered in Orlando, Florida!