The Non Warrantable Condo Mortgage allows lower pre-sale requirements, lower budget requirements and higher commercial percentage space. It offers purchase or refinance opportunities to qualified borrowers for or with non-warrantable primary residences or second homes. It features a Fixed Rate or Adjustable Rate Mortgage in loan amounts from $100,000 up to $2,500,000.
Finance a condominium regardless of whether it meets Fannie Mae or Freddie Mac standards.Non Warrantable Condo Mortgage
Non Warrantable Condos are those which are ineligible for traditional financing with Fannie Mae or Freddie Mac. Reasons for ineligibility vary but may include:
• Condo project is incomplete
• Builder or developer controls the Home Owners Association
• Investors own multiple units
• No minimum pre-sold
• Project is mixed use with condos, shops, and restaurants
• Project is combination condos and hotel
• Project is subject to litigation
Calculate monthly payment and amortization.
Programs available to qualified borrowers only. Some Restrictions may apply. Programs subject to change without notice. Contact eLucid for more information.
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