If you are looking for a lender to finance Non-Warrantable Condminiums Condos in Florida, please call me.
A non-warrantable condominium is a condominium that does not meet Fannie Mae or Freddie Mac's guidelines. There are several reasons why a condominium may be classified as non-warrantable:
1) Condotel
2) On site property management
3) One investor owns more than 10% of the units in the complex
4) Condominium association still under developer not unit owner control
5) Pending lawsuits or litigation against the condominium association
6) Too many investor owned units in the complex
7) Too many unit owners delinquent on their maintenance fees
McCaughan Mortgage Company has an investor that entertains non-warrantable condominium financing. The complex may not be owned by a national hotel chain; no mandatory rental pools; and the borrower must not have more than four mortgaged properties. Minimum middle credit score must be 710 or higher and a primary residence (75% LTV) secondary residence (70% LTV). The maximum LTV on refinances is 65%. Please contact me should your buyer need assistance in financing non-warrantable condos/condominiums in Florida.
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