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251-301-8518

Non-Warrantable Condos and Co-ops

Fill out the form below or call us today 251-301-8518 for more information, or start an application!

The building may be considered non-warrantable if any of the following exist:

  • The project is new construction and/or has yet to be completed
  • The developer has not turned over control of the HOA to the owners
  • A high percentage of units are non-owner-occupied
  • The building allows short-term rentals
  • A single person, or entity, owns more than 10% of the total number of units
  • The building or developer is involved in litigation
  • Commercial space exceeds 25% of the total building square footage

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251-301-8518

We Are Your Specialty Mortgage Banker

In order to obtain a mortgage on a non-warrantable condo or co-op, you’ll need to speak with a specialty lender such as Local Bank. We will review the building characteristics and give you a quick read on your financing options.

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Sitting with coffee cup looking out condo window at beach
The lender must verify the fiscal strength of the building into which you’re buying, and not all developments pass the test.

Non-Warrantable Condos and Co-ops Loans

When purchasing a condo or co-op, the lender is underwriting both the borrower and the building. The lender must verify the fiscal strength of the building into which you’re buying, and not all developments pass the test. Many buildings do not meet the criteria of the big banks, which can make obtaining a mortgage more challenging.