Non-Warrantable Condo Loans in West Haverstraw, NY

Some West Haverstraw condo buildings run like hotels, rent out most of their units or share space with shops and offices. Others have a lawsuit, thin reserves or major repairs on the way. Any of these can make a project non-warrantable. Knowing which issue a building has, and finding a lender whose investors accept it, is the core of financing a unit like this in New York.

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Call to speak with a licensed loan officer about Non-Warrantable condo loans in West Haverstraw. Programs vary by borrower, property and investor.

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Condo buildings in West Haverstraw

1.2%Owner homes in 10+ unit buildings

23Owner units in 10+ unit buildings

74%Homes built before 1980

1967Median year built

In West Haverstraw, 1.2% of owners live in buildings of 10 or more units, the kind of property where a lender reviews the whole condo project, not just your unit. 74% of local housing was built before 1980, and older buildings are more likely to face major repairs or reserve questions during a condo review.

Checking a West Haverstraw condo building before you make an offer

The smart time to learn about a building's problems is before you sign a contract. Ask the listing agent whether other units in the project sold with conventional financing, or whether buyers paid cash or used portfolio loans. A run of cash sales can be a sign that lenders have trouble with the project.

Ask the management company for the association's budget, the most recent meeting minutes and any notices sent to owners. Minutes often mention lawsuits, insurance renewals, repair plans and special assessments long before they appear in a listing. Then share what you learn with a loan officer who handles non-warrantable condos, so they can tell you whether an investor is likely to accept the project before you pay for an inspection and appraisal.

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Prefer to talk first? Call (888) 508-8976. Applying is not a loan approval or commitment to lend; programs vary by borrower, property and investor. ClearPoint Mortgage Advisors, NMLS #173855. Properties in FL, NY, NJ, PA, CT and VA only.

The condo questionnaire, HOA budget and reserves

Once you apply, the lender sends a condo questionnaire to the association or its management company. It asks how many units exist and how many are sold, how many are owner-occupied or rented, whether any one owner holds many units, how much space is commercial, whether there is pending litigation and whether owners are behind on dues.

Management companies often charge for completing the form, and response times vary, so ask about both. Answers have to be accurate and signed by someone with authority to speak for the association. If an answer is unclear or missing, the lender will ask follow-up questions, which is another reason to start the questionnaire as early as possible.

Who this tends to fit

You are buying a condo as a second home or rental in a resort-style project
Most units in the building are rented, or one investor owns many of them
A lender told you the condo project you picked does not pass agency review
You want to check a building's eligibility before you write an offer
The unit is in a condo-hotel with a front desk or rental program

Local offices and New York rules to know

New York condo rules: In New York, a co-op buyer purchases shares in a corporation that come with a long-term proprietary lease for a specific apartment, rather than a deed to real property as with a condo, so co-op financing works differently from a condo mortgage. Sponsor sales of co-op and condo units are made under an offering plan reviewed by the Attorney General's Real Estate Finance Bureau, while resales by individual owners are not regulated by the Attorney General. Source: New York State Office of the Attorney General, Real Estate Finance Bureau.

Condo-hotels, investor-heavy buildings and mixed-use projects

Buildings where most units are rented, or where a single investor or developer still owns a large block, also fall outside agency standards. So do many projects with a sizable share of retail, office or other commercial space, such as a tower with shops on the ground floor. Lenders worry that these buildings depend on a small number of owners or on businesses that could leave.

If you already own in a building that slipped out of eligibility, refinancing works much the same way. The lender reviews the project through a fresh questionnaire, then looks at your income, credit and equity. Ask whether the building's issue is likely to be temporary, since that may affect whether you refinance now or wait.

Before you call

Your income and asset documents for the program you choose
Any notices about lawsuits, assessments or planned repairs
Contact details for the management company or association
Rental program or management agreements for condo-hotel units
The reserve study, if the association has one

Questions West Haverstraw borrowers ask about Non-Warrantable condo loans

Does it matter how many units in the building are rented?

It can. Agency standards look at owner occupancy and at how many units a single person or company holds. Buildings full of rentals or dominated by one investor often fall outside those standards. Some non-QM investors accept higher rental shares, so the questionnaire answers help a loan officer find a program that fits the project.

Will a lender look at the unit itself in a condo-hotel?

Often, yes. Investors that lend in condo-hotels commonly ask about the unit's size, whether it has a full kitchen, whether owners must join the rental program and what the management agreement allows. Some programs treat a unit you keep for personal use differently from one placed in the rental pool, so tell the lender how you plan to use it.

How does a special assessment affect my loan?

A special assessment is a charge owners pay in addition to regular dues, often for a major repair. Lenders want to know its size, its purpose and whether it is paid in a lump sum or over time. Ask whether the seller or the buyer will pay it, since that affects your budget and your ability-to-repay review.

What do lenders look for in an HOA budget?

Lenders want to see that the association collects enough to run the building and sets money aside for reserves. They check how many owners are behind on dues, whether special assessments are covering regular costs and whether the master insurance policy meets the investor's standards. A budget with no reserve line can push a project into non-warrantable territory.

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Get answers about Non-Warrantable condo loans for a home in or around West Haverstraw. Subject to credit approval; programs vary.