Non-Warrantable Condo Loans

What is a non-warrantable condo mortgage loan?

When a condo is identified as a non-warrantable that means it does not meet conventional guidelines (meaning Fannie Mae and Freddie Mac won’t buy the loan). However, there are still plenty of non-conforming condo loans available to you.  We are a leading provider of non-warrantable mortgage loan programs in Dublin, Powell, Columbus, as well as the entire states of Ohio, Illinois, Kentucky, Indiana, Michigan, Tennessee, South Carolina, Florida, Georgia, North Carolina, and Virginia.  For more information contact me today at (614) 563-4086.

Condo4

What can cause a condo to be Non-Warrantable?

• The projects budget is not structured to meet conventional guidelines
• High percentage of units are investment properties
• Too many units are more than 60 days past due on association dues & fees
• A Single entity or individual owns more than 10% of the total units
• Project is managed / run similar to a hotel
• Project has inadequate insurance coverage
• Many new construction condo projects are considered non-warrantable until enough units have sold.
• Home Owners Association or developer are involved in litigation that pertains to structural soundness, functional use, safety, or livability of the project

What is Non-Warrantable Condo Financing?

Even if your condo is non-warrantable, there are plenty of non-conforming condo loans available to you.
At First Financial Bank we can utilize many of our portfolio products for the purchase of a non-warrantable condo.

Physicians / Doctor Loan:

Medical Residents, Interns and Fellowship Doctors, Dentists, Chiropractors, Veterinarians, CRNA/PA-C
$0 Down up to $750,000 (No PMI Insurance)
5% Down from $750,001 – $1 Million (No PMI Insurance)

Professionals Loan:

Low down payment mortgage program for professionals such as Attorney’s, CPA’s, MBA’s, PHARMD, CFP’s, Nurse Practitioners, Optometrists, Teachers, Engineer’s and other professionals with advanced degrees.

5% down up to $650,000 No PMI Insurance
10% down from $650,001 to $1 Million No PMI Insurance

Regular Portfolio:

Owner Occupied
5% Down up to $850K
10% Down from $850,001 – $2,000,000

Second Home
10% Down up to $636K
20% Down from $636,001 – $1.5 Million

Benefits of our Non-Warrantable Condo Mortgage Loans

There are many benefits with a Non-Warrantable Condo loan from First Financial Bank
• Competitive rates & costs
• Flexible down payment options
• Common sense underwriting

Qualify for a Non-Warrantable Condo Mortgage today!

For more information about Non-Warrantable Condo Mortgage Loans please contact me at (614) 563-4086 / Bill.Lavelle@bankatfirst.com or fill out the quick quote on the right hand side of the screen.

• We offer our Non-Warrantable Condo loans statewide in Ohio, Illinois, Indiana, Kentucky, Michigan, Tennessee, South Carolina, Florida, Georgia, North Carolina, and Virginia