Flexible Financing for Non-Warrantable Condo Loans

A non-warrantable condominium is defined as a project that doesn’t meet all of Fannie Mae or Freddie Mac’s qualified lending requirements. When a condo is non-warrantable, finding financing can be difficult. No matter how creditworthy the borrower, locating a lender that underwrites loans for
this particular type of property is challenging.

This is where Reliant can help! We allow non-warrantable condos under most of our products.

A unit is considered non-warrantable if the condo association:

• Operates as a hotel or motel, also known as a condotel.
• Is a party in a lawsuit.
• Allows a single person or an individual business to own more than two units in a development (for developments with 20 units or less) or 20% of all the units in a project (for developments with 21 units or more).
• Features non-residential or commercial space exceeding 35% of the total space in the project.
• Has more than 15% of the units in the project 60 days (or more) delinquent on their HOA dues.

Let’s connect and discuss how under Reliant’s non-QM guidelines, we can help your borrowers with their non-warrantable condo financing needs.