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Non-Warrantable Condo Loans in New York

What New York borrowers should know, with county data and local pages.

If you have found a condo in New York and a lender says the building is non-warrantable, the deal is not necessarily over. Project problems such as litigation, critical repairs, thin reserves or single-entity ownership rule out agency financing, but some non-QM investors review those issues case by case. You may qualify, subject to credit approval, once a lender matches the project with an investor willing to lend there.

Questions about Non-Warrantable condo loans in New York?

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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.

Where the numbers point in New York

Counties with the most owner-occupied homes in buildings with 10+ units:

CountyOwner-occupied homes in buildings with 10+ units
New York County171,196
Queens County81,520
Kings County68,491
Westchester County39,037
Bronx County34,638
Nassau County19,677
Suffolk County6,333
Rockland County3,113
Richmond County2,829
Orange County2,404
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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.

Local pages in New York

Common questions

Are condotels non-warrantable?

Projects that operate like hotels, with daily rentals, a front desk, housekeeping or rental pooling, are generally ineligible for Fannie Mae and Freddie Mac financing. Some non-QM investors do lend in condo-hotel projects, often with their own requirements for the unit's size, kitchen and rental arrangement. Ask a lender who handles condotels to review the project early.

Will a non-warrantable condo be hard to sell later?

It can be. Future buyers face the same financing limits you did, which shrinks the pool of buyers who can use a conventional loan. If the project later fixes its issue, such as resolving a lawsuit or rebuilding reserves, it may regain eligibility. Factor resale into your decision, especially if you expect to move again before long.

Are non-warrantable condo loans harder to get?

Your credit and income are reviewed much like on any other loan, but fewer lenders offer these programs, and each investor accepts different project issues. Expect higher pricing than a conventional condo loan and, in many cases, a larger down payment. With the right match between building and investor, you may qualify, subject to credit approval.

Other non-QM options in New York

Bank statement loansNon-QM lendersSelf-employed1099 loansP&L loansAsset depletionNo-doc / stated incomeNew self-employedITIN loansForeign nationalBank statement HELOCInterest-only

Related guides

Non-Warrantable Condo Loans overview · New York non-QM overview

  • Census ACS 2020-2024, table B25032
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