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Refinancing a non-warrantable condo

Currently have a condo in Irvine (primary residence) with an FHA 1st (balance $80K @6%) and a HELOC through Chase ($69k @4.99%). We have about $76K in equity (min). We tried to do a refi (to a fully conventional loan) and found out that our condo complex is non-warrantable. Having called around I am finding that banks don't want anything do with non-warrantable properties. Is anyone aware of any options we have? Thanks for any input! by jayned_699_130 from Gardena, California. Jan 25th 2013 Reply


Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions

I'd be happy to help. Your 1st lien would be able to be refinanced without any issues with a new FHA Insured Loan (streamline refinance) but the issue will be how to get the 2nd included as the streamline does not include paying any additional debt off. I'm checking our sources now, but I would need more details offline, such as your payment history, credit score, actual value of the condo, etc. Send me an email if you'd like me to work on this in more detail. Thank you!

Jan 25th 2013
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

There are lenders out there that will finance this property type.. But you have to check around.. Calling local banks is a waste of your time.. They have very confined lending products, and they never go outside the box.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jan 25th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

US Bank can do them.

Jan 25th 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

Truthfully -- I think you need a portfolio lender, credit union, small bank that is local. You might run into allot of brick walls -- This falls under that category "the further you look into the distance, the less you see" -- Good Luck - AA

Jan 25th 2013
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Ryan Romero (REFIryan)
#456 ranked lender in California - 28 contributions

When you say you have 76k in equity what is the value at your best guess of the condo?Ryan Michael ROMERO CA DRE 01810267 | NMLS# 333803619 884 9116) | 888 308 7775 (Fax)Ryan Michael & Associateswww.rmfundinggroup.com

Jan 25th 2013
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Ryan Romero (REFIryan)
#456 ranked lender in California - 28 contributions

What is the total value of your condo? What State are you and County? Ryan Michael ROMERO CA DRE 01810267 | NMLS# 333803619 884 9116) | 888 308 7775 (Fax)Ryan Michael & Associateswww.rmfundinggroup.com

Jan 25th 2013
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Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions

So you feel the value of your condo is approx. 225K? Also, are you looking to refinance the 1st and 2nd into one loan?

Jan 25th 2013
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Joel Lobb (kentuckyloan)
#3 ranked lender in Kentucky - 192 contributions

Try a local bank. I think that is your best bet on these non-warrantable condo's

Jan 25th 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

You will definitely be able to find a lender that does them as long as you fit the guidelines. Find a Broker or Mortgage Lender, they will usually have more options to help you achieve your goals in this situation

Jan 25th 2013
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Manuel Gonzalez (mmortgage1)
#90 ranked lender in New Jersey - 90 contributions

Depending on the reason for it not being warrantable, as well as your credit score, there are a few products out there for you..Good LuckMG

Jan 25th 2013
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Eddie Stafford (eddie@lendingamerica.com)
#486 ranked lender in California - 6 contributions

Hello,I do am able to help you out. Please call me anytime at 949-278-5387.Eddie

Jan 26th 2013
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Bill Dunger (billdunger)
#17 ranked lender in Washington - 35 contributions

1.Strong borrower. 700+ credit usually2.Strong property. Need to know why non-warrantable3.Income - Low DTI - need to be under 45% back end4.LTV - 80 or lessGuidelines to go off of, but each file is case by case.Bill-

Mar 26th 2014
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