NMLS #1649161 · Florida · Vision Mortgage, LLC
Your lender called the condo "non-warrantable." That's not a no. It's the wrong lender.
When a Florida building gets flagged for a failed milestone inspection, underfunded reserves, too many investors, or a special assessment, conventional financing dies on the spot. I'm a mortgage broker. I place these every week through portfolio, non-QM, and foreign national lenders banks don't have. Tell me about the building and I'll tell you straight, today, whether it can be financed.
Licensed in Florida·NMLS #1649161·Broker since 2004·5.0 stars on Google & Experience.com
Your deal didn't fall apart. Your lender just ran out of options.
You were days from closing. The money was in. Then the lender went quiet, came back with one word, "non-warrantable," and no real answer. Here's what nobody told you. You didn't do anything wrong. The building tripped a rule, and your conventional lender only sells one kind of loan. When the building doesn't fit that box, they don't have a plan B. I do. A declined file isn't a dead deal. It's a deal sitting at the wrong desk.
What does "non-warrantable condo" actually mean?
A non-warrantable condo is a unit in a building that doesn't meet Fannie Mae or Freddie Mac project standards. Usually that's a failed milestone inspection, underfunded SIRS reserves, high investor ownership, pending litigation, excess commercial space, or a special assessment. Conventional loans aren't available. Portfolio, non-QM, foreign national, and DSCR programs often still finance them.
| Warrantable | Non-Warrantable | |
|---|---|---|
| Loan type available | Conventional (Fannie/Freddie) | Portfolio, non-QM, foreign national, DSCR |
| Typical down payment | 3% to 20% | 20% to 40% |
| Typical rate | Market | Modest premium over conventional |
| Owner-occupancy needs | Strict ratios | Flexible by program |
| Reserve / insurance scrutiny | Project-level only | Detail-level on building docs |
The secret your bank won't say out loud: the building is the gate, not you.
You could have an 800 score and 40% down and still get declined, because the lender isn't judging you. They're judging the building. And "non-warrantable" isn't a verdict. It's a spectrum. Some flaws are easy to finance around. A few are dealbreakers for everyone. The difference between those two is the entire game, and most loan officers can't tell you which one you're looking at. I can, usually in the first 5 minutes.
The borrower
Income, credit, down payment, reserves. Necessary, but not the whole story.
The building
This is where most Florida deals live or die right now. And "non-warrantable" is a spectrum, not a yes or no.
The master insurance
In Florida this alone kills deals. Thin coverage or a brutal named-storm deductible and even a portfolio lender walks.
Usually financeable
- High investor concentration
- Single-entity ownership over the limit
- Too much commercial space
- SIRS not yet complete
- Minor litigation
- Light reserves
Often financeable by no one (yet)
- Failed milestone Phase 2
- Building deemed structurally unsafe
- Large unfunded structural special assessment
- Real structural litigation
- No adequate master insurance
My job in the first 5 minutes is to tell you which side of that line your building is on, so you don't waste weeks chasing a deal nobody can fund, or walk away from one that's actually placeable.
What it really takes, no sugarcoating.
These are the honest targets, not promises. Every building is its own animal. But this is where the deals actually get done.
Down payment
Plan for 25% to 30%. Most portfolio and non-QM programs want 20% to 30% down. Private, condotel, and investment files can run 25% to 40%. If you're putting less than 20% down, this usually isn't the program.
Credit
640 and up is the comfortable zone. 620 can still work with a larger down payment and stronger reserves. Below that, it's a more-down-payment or private-money conversation. Don't disqualify yourself. Talk to me.
Reserves
6 months of payments minimum. On a building that failed milestone or has a pending assessment, plan for 12 months. Reserves can sit in retirement or brokerage accounts, not just cash.
DTI under 43%
Debt-to-income kept under 43%, with HOA dues counted in the payment.
Worst case. Lowest credit on a flagged building. Target 30% down and 12 months reserves and we have the most lenders to work with.
The lenders who say yes when the bank says no.
Conventional banks can't hold these loans, so they don't try. The ones who can are the lenders who keep loans on their own books or run non-agency programs:
I've spent years building relationships across all of them. When one passes on a building, I already know who won't. You make one call. I work the whole bench.
Find out in 90 seconds if your condo can be saved.
A real diagnosis, not a generic pre-qual. Built so you don't waste a week chasing the wrong lender.
What's your situation?
A condo rescue, without the runaround.
We talk first
A real conversation. Tell me the building and your numbers; I tell you which bucket it's in.
I work the network
I match your file and that building to the lenders who actually fund non-warrantable Florida condos.
We close clean
I stay in the deal from application to keys. Direct access to your broker. No call centers.
Browse non-warrantable condo financing by Florida city
Every Florida market has its own flavor of building issue. Pick yours for local context, typical price ranges, and the same Reality Check funnel built for that city.
Florida non-warrantable condo financing: straight answers
Can I get a mortgage on a non-warrantable condo in Florida?
Yes. It happens every week. Portfolio, non-QM, foreign national, and DSCR programs fund these buildings when conventional won't. Plan on a larger down payment and a small rate premium. The building's specific flaw and its master insurance are what decide if it's placeable.
Why was my condo declined as non-warrantable?
Almost always the building, not you. Common triggers are a failed or pending milestone inspection, underfunded SIRS reserves, too many investor owners, a special assessment, excess commercial space, or HOA litigation. Your file is fine. Your lender just doesn't have a program for the building.
How much down do I need?
Plan on 20% to 30%. Flagged buildings usually want 25% to 30%. Condotels and pure investment units can run up to 40%. Below 20% down, this isn't the program.
What credit score do I need?
640 and up is the comfortable zone. 620 can still work with more money down and stronger reserves. Don't disqualify yourself before we talk.
What's a SIRS or milestone special assessment and does it kill my loan?
Not automatically. A completed SIRS or a fully funded assessment can actually help your case. The hard ones are an unfunded structural assessment or a failed milestone Phase 2 report. I'll tell you which side of that line your building is on in the first call.
Do you finance condotels and foreign national buyers?
Yes, through specialized programs built for exactly this. Expect higher down payments and reserve requirements. The deal is doable, the math just looks different.
Are you a lender or a broker?
A broker. One bank only sells the one loan that bank makes. I shop your file and the building across a deep bench of non-agency lenders and pick the one that actually fits.
Related Florida programs
Buying a block of units or a whole project? That's my commercial desk →
Don't walk away from a deal that's actually financeable.
Most buyers give up the day the bank says no, and lose the home over a problem that had a solution. Don't be that story. Tell me the building. I'll tell you the truth.