Warrantable Condo Mortgages

Q: What is a Warrantable condo?

A warrantable condo is a type of condominium that meets the eligibility criteria set by Fannie Mae and Freddie Mac for conventional mortgage financing.

Q: What are the eligibility criteria for a Warrantable Condo?

The eligibility criteria for a warrantable condo include factors such as the number of units that are owner-occupied, the financial stability of the homeowners association, and the amount of insurance coverage for the property.

Q: What is a Warrantable Condo Mortgage?

A warrantable condo mortgage is a type of mortgage financing that is available for a warrantable condo, meeting the eligibility criteria for conventional financing.

Q: What are the benefits of a Warrantable Condo Mortgage?

The benefits of a warrantable condo mortgage include the ability to obtain financing with a lower down payment, competitive interest rates, and flexible terms that may include fixed or adjustable rates.

Q: Can a Warrantable Condo be non-owner occupied?

Yes, a warrantable condo can be non-owner occupied, meaning that the unit is owned by an investor who rents it out to tenants.

Welcome to Bennett Capital Partners, NMLS# 2046862 your one-stop-shop for all your condo financing needs. Our Warrantable Condo Mortgage program is designed to help condo buyers secure financing for their primary residence, second home, or investment property.

If you're interested in purchasing a condo, but it doesn't meet the requirements for a warrantable condo, don't worry! We also offer Non-Warrantable Condo Mortgages. You can learn more about this program on our website at Non-Warrantable Condo Mortgages.

Whether you're looking for a conventional mortgage, a private lending option, or a bank statement program, we've got you covered. We're committed to helping our clients find the best possible financing options for their condo purchase. Contact us today to get started on your condo financing journey!

Warrantable Condo Programs

Fannie Mae

Fannie Mae condo loans are a type of conventional loan that is not guaranteed or insured by the government, but is backed by Fannie Mae, a government-sponsored enterprise. These loans are specifically designed for financing condominiums and offer a wide range of options such as fixed or adjustable rates, and a variety of terms. To qualify for a Fannie Mae condo loan, borrowers typically need to meet stricter credit and income requirements than those required for government-backed loans.

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Freddie Mac

Freddie Mac loans are a type of conventional loan that are not guaranteed or insured by the government, but are backed by Freddie Mac, a government-sponsored enterprise. These loans are designed to help make homeownership more affordable and accessible, with a variety of loan options such as fixed or adjustable rates, and different term lengths. To qualify for a Freddie Mac loan, borrowers typically need to meet certain credit and income requirements, and provide a down payment. These loans can be used to purchase a home or refinance an existing mortgage.

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Jumbo

Jumbo loans are a type of financing option that can be used to purchase condos that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. Jumbo loans for financing condos typically require higher down payments and credit scores, and have stricter underwriting guidelines compared to traditional loans. This is because the loan amount is larger, making it a riskier investment for lenders. However, jumbo loans offer flexibility in terms of loan options, including fixed and adjustable rates, and can be tailored to meet the unique needs of borrowers.

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Foreign Nationals

If you're considering a foreign national condo loan, it's important to work with an experienced broker who can help guide you through the process and ensure that you meet all of the lender's requirements. Bennett Capital Partners is one example of a brokerage firm that specializes in this area and can help you navigate the loan process, from pre-approval to closing. With their expertise and knowledge of the market, they can help you find the best loan option and make your dream of owning a condo in the United States a reality.

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Non-QM

Bennett Capital Partners is an mortgage brokerage firm that specializes in non-QM loans and can help you find a loan option that meets your specific needs. They offer options for self-employed borrowers, those with lower credit scores or high debt-to-income ratios, and those looking to finance non-warrantable condos. By working with an experienced loan officer at Bennett Capital Partners, you can explore your options and find the right mortgage solution for your home purchase.

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Private Money

If you're considering a private lending condo mortgage program, it's important to work with a reputable lender that can help you find the best loan options. Bennett Capital Partners is a mortgage brokerage firm that works with the best private lenders in the industry. By working with us, you can be confident that you'll get personalized attention and tailored solutions that meet your specific needs. We can guide you through the loan process and ensure that you get the best possible financing for your condo purchase.

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FHA

At Bennett Capital Partners, we offer FHA condo mortgages with flexible credit requirements, low down payments, and competitive interest rates. We can guide you through the loan process and ensure that you meet all of the requirements for the loan. To qualify, you'll typically need a minimum credit score and a down payment of at least 3.5% of the purchase price. The condo itself must also meet certain requirements, such as being on the FHA-approved list and having a certain percentage of owner-occupied units.

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VA

Bennett Capital Partners provides VA condo mortgages for service members, veterans, and their families, with flexible credit requirements, no down payment, and competitive interest rates. We have the expertise to guide you through the loan process, from pre-approval to closing, and ensure you meet all the loan requirements. The condo must meet specific requirements such as being on the VA-approved condos list and having a percentage of owner-occupied units.

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Hard Money / Bridge Loans

We offer flexible bridge loans that can provide quick and easy access to funds for those who need to bridge the gap between buying a new property and selling an existing one. These loans are perfect for those who need a short-term loan with little to no documentation, fast closing times, and no pre-payment penalties. Our bridge loans can be customized to meet your specific needs, whether you need funds for a new property purchase, renovation, or other financial needs.

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Warrantable Condo Mortgages FAQ

What is a Warrantable condo?

A warrantable condo is a type of condominium that meets specific guidelines set by Fannie Mae and Freddie Mac, which makes it eligible for conventional financing.

What are the eligibility criteria for a Warrantable Condo?

The eligibility criteria for a warrantable condo include:

The condo must be a legal and established project
At least 51% of the units must be owner-occupied or sold to owners who intend to occupy the units
No more than 15% of the units can be delinquent in HOA fees
No more than 10% of the units can be owned by a single entity
The HOA must maintain adequate insurance coverage

What is a Warrantable Condo Mortgage?

A warrantable condo mortgage is a type of mortgage loan that is used to purchase a warrantable condominium. This type of mortgage follows the guidelines set by Fannie Mae and Freddie Mac and is eligible for conventional financing.

What are the benefits of a Warrantable Condo Mortgage?

The benefits of a warrantable condo mortgage include:

Lower interest rates compared to non-warrantable condo mortgages
More lenient lending requirements
Access to conventional financing options

Can a Warrantable Condo be non-owner occupied?

Yes, a warrantable condo can be non-owner occupied, but no more than 49% of the units can be occupied by renters.

What Our Clients Say

Alex S.

Philip was highly recommended to me and he did not disappoint. He was incredibly helpful and honest throughout the entire process, getting us the best program that matched our needs. We really didn't think we had a chance and luckily Philip …