Condos play a big role in the U.S. housing market, providing an accessible entry point for many buyers. With the demand for affordable housing increasing, condos and townhouses remain a practical choice for first-time buyers and investors alike. Condos and townhouses, typically priced lower than single-family homes, are a popular choice for first-time buyers and investors looking to expand their portfolios.
Despite their appeal, securing a mortgage for a condo can be difficult. Lenders like Fannie Mae and Freddie Mac enforce strict rules, leaving many buyers unable to qualify. This often pushes potential owners toward cash purchases. But there’s a better way.
LendSure Home Loans simplifies the condo financing process with flexible options for warrantable and non-warrantable condos, as well as condotels. By using our common-sense approach to lending, our Non-Warrantable Condo loans open doors for buyers who might otherwise face roadblocks with traditional financing.
Understanding Warrantable and Non-Warrantable Condos
What sets warrantable condos apart from non-warrantable ones? The difference lies in the strict guidelines set by agency lenders like Fannie Mae and Freddie Mac. Here’s what you need to know:
- Warrantable Condos: These adhere to Fannie Mae and Freddie Mac’s rules, including high owner-occupancy rates, sufficient reserve funds for maintenance, and limited commercial use within the building.
- Non-Warrantable Condos: These fall outside agency standards due to factors like a high percentage of investor-owned units, active lawsuits involving the condo association, or insufficient reserves. Non-warrantable condos also include unique properties like condotels and mixed-use developments.
While these rules can make financing non-warrantable condos more challenging, they also create opportunities for private lenders like LendSure Home Loans to offer tailored solutions. Our Non-Warrantable Condo loans are designed for unique property types that fall outside traditional guidelines, making financing possible for otherwise ineligible condo units.
Benefits of Non-Warrantable Condo Loans
Our Non-Warrantable Condo loans come with flexible terms, making them ideal for:
- Financing condos in investor-heavy buildings or condotels
- Navigating restrictive guidelines from traditional lenders
- Borrowers with excellent credit and substantial financial resources
With these loans, you can:
- Secure funding for condos in buildings where up to 90% of units are owned by investors
- Bypass agency restrictions on reserves or occupancy ratios
- Access competitive rates tailored to your unique financial situation
Streamlined Non-Warrantable Condo Loans with LendSure Home Loans
At LendSure, we specialize in providing thoughtful, customized solutions for condo buyers. We’re willing to assess complex scenarios, such as pending litigation or investor-heavy buildings, to ensure your condo purchase gets the attention it deserves. By choosing LendSure Home Loans, you can get:
- Loan amounts up to $3,000,000
- Loan-to-Value up to 80%
- Up to 50% commercial space permitted
- New construction buildings permitted
- Allowed on DSCR / Investor Cash Flow Program
- Purchase, Rate & Term Refinance and Cash-Out Refinance available
Why Choose LendSure Home Loans?
It’s simple. We make loans that make sense. We’re not in-the-box lenders. Of course, there are numbers, ratios, and data to consider, but we know that behind every file, there’s an individual with unique circumstances seeking a loan.
We’re redefining the mortgage experience one loan at a time. Thanks to our common-sense approach and dedicated lending team, we often say ‘yes’ to today’s homeowners and investors.
Ready to explore how LendSure Home Loans’ can help you finance your next property? Contact us today.
