Florida Non Warrantable Condo Mortgage Lenders

Non-Warrantable Florida Condo Lenders 

Yes, you can purchase or refinance a Florida Non-Warrantable Condo in Florida with No Budget and No Questionnaire!

Non-Warrantable Florida Condo Options:

Florida Non-Warrantable Condos Lenders

Our Florida Non-warrantable condo lenders approve loans in Florida for non-warrantable condos that fail to meet Fannie Mae/Freddie Mac minimum condo standards. These non-warrantable condos are designated as high-risk due to condo association litigation, low HOA reserves, high investor concentration, and/or short-term rental policies. Following Florida’s recent reforms, strict insurance requirements, structural issues, and high delinquent dues also frequently render buildings non-warrantable.

Reasons Florida Condos Are Non-Warrantable:

Condo Litigation: Florida condos with active lawsuits involving the HOA are ineligible.
Investor Concentration: A single entity owns more than 10% of the condo units, or a high percentage of units are rented rather than owner-occupied.
Short-Term Rentals: The association allows short-term rentals, such as Airbnb, which increases risk.
control to the owners.HOA Financial Distress: With less than 10% condo emergency funding in reserves, or there are higher than 15% delinquencies behind on HOA dues.
Short-Term Rentals: The association allows transient, Airbnb-style rentals, which increases risk.
New Construction/Incomplete Phases: The project is not fully completed, or the developer has not turned over control to the owners.
Structural & Maintenance Deficiencies: Unaddressed condo repairs, such as roof, foundation, or seawall issues, can trigger non-warrantable condo status.
Underinsured Master Policy: The building’s insurance coverage does not meet lender requirements.
Commercial Use: More than 25%- 50% of the condo’s use is for commercial purposes.
These properties often require specialty financing, such as portfolio loans, with higher interest rates and larger down payments
New Construction/Incomplete: The condo project is not fully completed, or the developer has not turned over

Florida Non-Warrantable Condos Approvals For:

• Over 50% investor concentration- I have a program that allows up to 100% investor concentration
• The project allows short-term rentals
• The project has a check-in desk
• The project has an online presence for renting short-term, even though the condo questionnaire doesn’t display that
• Less than 10% budgeted reserves- my guidelines call for 8% min, but I have gotten approval for less than that
• Master Insurance has over 5% wind/hail deductible.
• Master Insurance does not have enough fidelity coverage.
• The project has litigation.
• The project is a new construction.
• The project has assessments for renovations, or it is in the middle of renovations.
• The project includes timeshared units.
• The project includes a high commercial space.

I have seen many case-by-case approvals for non-warrantable condos in Florida.

Bridge-to-Sale – Help clients access their listed property’s equity before its sale.

Bank Statement– Use multiple income streams to average bank statement deposit qualification.

Foreign National – Non-Resident– Jumbo Super Jumbo refinance up to 15 MM with CPA letter.

Asset Depletion– Increase client purchasing power by calculating assets into qualifying income.

Cross-Collateralization– Access Jumbo home equity to purchase a new home without having to sell first. Cashout up to 100% of a home’s value by securing the loan against an additional free and clear property.

Condo Condotel – Super Jumbo Condo and Condotel Florida mortgage lenders for Unique properties.

Pledged Asset – Leverage assets (stocks, mutual funds, etc.) without liquidating. Jumbo cashouts up to 90% of a home’s value by pledging security assets or savings.

DSCR– Jumbo DSCR loans for investment properties using only 1007 rental income to qualify.

Bad Credit Florida Jumbo Mortgage– Jumbo mortgage exceptions with unforeseen circumstances.

Florida Condo Mortgages Made Easier:

• Loan Process:
  • Standard wholesale process:

• Borrower has to have worked and lived in the USA for a minimum of 12 months

• Eligible Income Types
  • Retirement- / Fixed income
  • W2- WVOE only
  • Self-employed: min. 12-month history, 1-year tax return, P&L only, 1099 only

• RENT VERIFICATION NEEDED: Last 6 months’ rent verification
  • Borrower with gift funds
    • If funds are 100% borrowers, we do not require rent verification
• Minimum / Maximum Loan Amounts
  • Minimum:       $50,000.00
  • Max:                $1,250,000.00
    • Max LTV’s are reduced to a minimum and maximum

• Max DTI:        
  • 60%:      660 and + TU score
    • To determine what the max allowable DTI will be on the loan, we use the primary wage earner’s Trans Union score and time on the job
      • 43%- Don’t meet any of the below compensating factors
      • 50%- If you meet one of the following
      • 60%- If you meet two of the following
        • Compensating Factors
          • 660+ Score (we only use Trans Union)
          • 3+ years on current job
          • 3 months reserves PITIA (liquid funds only)

• • 55%:      600-659
    • To determine what the max allowable DTI will be on the loan, we use the primary wage earner’s Trans Union score and time on the job
      • 43%- Don’t meet any of the below compensating factors
      • 50%- If you meet one of the following
      • 55%- If you meet two of the following
        • Compensating Factors
          • 660+ Score (we only use Trans Union)
          • 3+ years on current job
          • 3 months reserves PITIA (liquid funds only)

• No reserve requirements

• NO CREDIT SCORE REQUIREMENTS:
  • Borrower must have:
    • 75% LTV:
      • 50% of the funds have to come from the borrower
        • The other 50% can be a gift from a relative
      • 6 months’ rent verification
    • 80% LTV:
      • 100% of the funds have to be from the borrower
      • No rent verification required

Why Are Your Florida Condo Loans Different?

 We do NOT require/review a condo questionnaire, so non-warrantable condo items are not an issue for our financing. We do NOT require master windstorm insurance. The only condo doc that we require is the master HOA insurance dec page to verify they have insurance coverage in place. We do NOT care about the master insurance deductible or coverage types. A high-rise condo is not eligible for our financing; The max eligible stories is 8. The max LTV on a primary is 80%. The minimum TransUnion score requirement is 600.

Florida Mortgage Lenders specializes in ITIN condo mortgage loans in Florida. Our Florida ITIN non-warrantable condo mortgage lenders offer alternative mortgage options for those who cannot qualify using their self-employed income. Whether you’re a business owner, freelancer, or contractor, we look forward to helping you qualify for a Florida mortgage by profit and loss for income P&L Only: Need: Borrower completed questionnaire (attached)Tax Preparer completed P&L packet (attached)_: Plus: CPA: Need: CPA license + most recent PTIN card Tax Preparer or PTIN Need: Most recent 3 years PTIN cards

Borrower Profit and Loss Income Questionnaire

1. Describe your business, including the types of services/goods provided, where the service/good is provided, and how you are paid:
2. What types of expenses do you have (what are the larger categories)?
3. Do your customers or clients typically pay for significant expenses directly (e.g., materials, supplies, or equipment), or do you pay for them and have the customer or client reimburse you?
4. Does your business operate from your home, provide on‐site services, operate from a location, or do other?

NO Questionnaire Florida Condo Lenders Condos

We generally do not have a problem with non-warrantable issues, as we do not require/condition, or review a condo questionnaire. Also, any issues with the master condo insurance coverage are not an issue, as we require the borrowers’ HOI to cover the loan amount (or RCE or 100% guaranteed replacement cost). However, we will have an issue with non-warrantable items that will affect the unit that we are lending out. So, if there are any complex repairs, litigation, etc., that will make the appraisal “subject to”, then we would require the repairs to be complete before close.

Florida Condo Mortgage Requirements:

• • Max LTV: 80%
  • Condo high-rise: Max stories is 8 units high..
    • Condo-Tels are eligible: Second home and Investment property only.
  • Condo Document Requirement:
    • Master insurance dec page- HO3 Policy – Dwelling must cover the loan amount.
    • No Condo Questionnaire is required.
    • The only issue we would have with a condo is if litigation or deferred maintenance items are affecting the subject property.
      • If the appraiser notes subject structure issues

Florida Non-Warranted Condo Mortgage Lenders

99% of the non-warrantable condo issues in Florida will not be a problem for our Florida condo mortgage lenders. Unless the appraiser notes that is an issue with the unit we are lending on, as listed under “subject to” on the appraisal: condo repairs. We will finance a non-warrantable Florida condo, regardless of the reason, except for the following: we do NOT require a Florida condo questionnaire.

We generally do not have a problem with non-warrantable issues, as we do not require/condition, or review a condo questionnaire. Also, any issues with the master condo insurance coverage are not an issue, as we require the borrowers’ HOI to cover the loan amount (or RCE or 100% guaranteed replacement cost). However, we will have an issue with non-warrantable items that will affect the unit that we are lending out. So, if there are any complex repairs, litigation, etc., that will make the appraisal “subject to”, then we would require the repairs to be complete before close.

Florida Non-Warrantable Condo Mortgage Lenders