Non-Warrantable Condo Loans

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.

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 $650K No PMI Insurance
5% Down from $650,001 – $1 Million
10% Down from $1,000,001 – $1.5 Million

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
15% down from $1,000,001 to $1,500,000 No PMI Insurance

Regular Portfolio:
Owner Occupied
5% Down up to $850K
10% Down from $850,001 – $1,250,000
15% Down from $1,250,001 – $1,500,000
20% Down from $1,500,001 – $2 Million
Second Home
10% Down up to $636K
15% Down from $636,001 – $850,000
20% Down from $850,001 – $1 Million
25% Down from $1,000,001 – $1.5 Million
30% Down from $1,500,001 – $2 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, and Kentucky