Non-warrantable? No problem.
Northpointe's Non-Warrantable Condo program offers financing options for borrowers interested in condo projects that may not meet conventional program requirements. Often, a condominium is considered non-warrantable when phases of the condo development are not complete.
Reasons a condominium might be considered non-warrantable:
- Less than 90% of the total units have been conveyed to owners
- A single person or entity owns more than 10% of the units
- Developments in which more than 20% of units are commercial or mixed use
- Developments that have a higher concentration of renters
- All units and common areas are not complete
- The development is subject to future phases and construction
- The developer has not turned over control of the association to the unit owners
Features:
- Primary residence or second home
- Maximum loan amount up to $3,000,000
- Fixed-rate and adjustable-rate options
- Reduced down payment options with mortgage insurance available
This is not a commitment to lend. All loans are subject to credit review and approval. Other terms and conditions may apply.
