Non-warrantable Condos and Condotels

Borrowers can encounter unique challenges when financing non-warrantable condos and condotels or condo hotels. Our team of experienced mortgage professionals are here to help you meet your client’s needs and are dedicated to making the transaction a smooth and seamless buying experience.

Non-Warrantable Overview:

  • All non-warrantable issues considered
    • High investor concentration
    • Large, single entity ownership
    • High commercial percentage
    • Small projects with no HOAs
    • Condo conversions
    • New developments
  • Max 80% LTV (primary or second home)
  • Max 60% LTV (investment properties)
  • Maximum loan amounts up to $3,000,000 (LTV limits apply)
  • Cash-out refinancing available with unlimited cash in hand

Condotel Overview:

  • Max 75% LTV (primary or 2nd home)
  • Max 60% LTV (investment properties)
  • Cash-out refinancing available with unlimited cash in hand
Program Details
Lending Area Available in all 50 states
Second Home Provisions Second home (typically must be in a vacation or resort area and 30 miles from primary residence or used as college housing for enrolled dependent within 5 miles of campus)
Condo LTV

80% primary or second home

60% investment property

Condotel LTV

75% primary or second home

60% investment property

Maximum Loan Size $3 MM
Component Requirements

No efficiency or studio condos must be minimum 500 square feet. Exceptions made on a case-by-case basis, with a reduced LTV.

Must have a full-size kitchen and separate bedroom

Document Requirements

All Condos require a completed Advancial Condominium Questionnaire1 and must pass our underwriter review

Work Visa/ Expatriate/ Immigrant Eligibility

Yes

See Work Visa/Expatriate/Immigrant Loan Program sheet for details.

Asset Depletion

Yes

See Asset Depletion Program for details.

Gifted down payment / Gifted Reserves / Gift of Equity Yes
Non-Occupant Co-Borrowers

Allowed at max 70% LTV

See Guidelines for details.

Foreign National Eligibility

(Non-U.S. Residents)

Yes

See Foreign National Program sheet for details.


Please note we do not allow the following: blackout dates, incomplete construction of the subject phase or pending litigation that implies structural deficiencies.2

1 Advancial questionnaires MUST be filled out completely with no question answered N/A, Unknown or left blank
2 Litigation considered on a case-by-case basis.


Download our complete Portfolio Mortgage Program Guidelines