Non warrantable condo
Northpointe Bank’s non warrantable condo program offers financing options 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 $484,350
- Conforming fixed with various loan terms available
- Purchase with as little as 10% down
Non warrantable condominium 90% LTV: Interest rate: 5.000% and Annual Percentage Rate (APR): 5.212% as of June 04, 2019. APR and example payments are based on a purchase transaction of an owner-occupied single family residence in Providence, Rhode Island with a loan amount of $270,000, credit score of 750, down payment of 10% with tax and insurance escrows. Base APR is quoted and may vary depending on individual credit history and transaction. All mortgages are subject to credit review and approval. Rates subject to change without notice. Requires 360 monthly payments of $1,449.42 with 0.000 points. Payment does not include taxes and insurance premiums. The actual payment amount will be greater.
