Do you still make loans on nonwarranted condominiums?

More info needed, but in general, when a lender says that they will lend on "non-warrantable" condo's, it does not mean that all the condo guidelines required for conforming loans are 100% ignored.. Since those "Portfolio" lenders who do these loans are using their own funds, they can make up the rules based on their level of risk they are willing to accept.. so the guidelines are "relaxed" when compared to conforming guidelines.. Example: Conforming guidelines state that the owner occupied percentage of the condo project must be 50% or more to get financing.. Portfolio lender says they will go down to 40% owner occupied.. They both still have a guidelines regarding owner occupied units, but the "non warrantable" condo lender will allow for few owner occupied units.. But also understand that all these relaxed guidelines does come at a cost.. typically, these lenders, since they are taking an added risk, will require a larger down payment and higher interest rates and fees... Out of my 21 lenders, 3 of them do "non-warrantable" condo's.. so although there are lenders out there doing them.. there are not many.. for this reason, you should contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

I am doing one now that was non-warrantable, and we are working on making it warrantable. In this case it was not that hard to meet the conditions of the Condo Approval Agent for Fannie Mae. You might inquire about this.