Non-warrantable condos can present a unique challenge for borrowers looking to secure financing. In this scenario, our borrower is seeking to purchase a condo that does not meet warrantable guidelines due to factors such as high investor concentration, a significant deductible on the master insurance policy, and a large amount of commercial space within the building.
Our Solution
Despite these challenges, there are still options available for the borrower. One potential solution is the Investor Cash Flow/DSCR product, which is a no-income documentation loan specifically designed for investment properties. This program evaluates borrowers based on the rental cash flow of the property rather than traditional income verification methods.
In this case, the condo guidelines allow for non-warrantable properties with unlimited investor concentration, up to 35% commercial space, and a 10% deductible on the master insurance policy. With a borrower FICO score of 748 and a desired 80% loan-to-value ratio, there is a possibility of securing financing for this particular condo.
By working with us, who specializes in non-warrantable properties, the borrower can increase their chances of successfully securing financing for their investment property.
Contact our office for more information on how we can get you the financing you need, whether it’s a non-warrantable condo or a DSCR loan, we can help.
