Non-Warrantable Condo Loans in Pennsylvania

Can I get a non-warrantable condo loan if I am self-employed?

Many programs allow it. Non-warrantable condo financing is often available with alternative documentation, such as 12 or 24 months of bank statements, a P&L statement prepared or verified by a CPA, EA or licensed tax preparer, or asset-based income. The project review and your income review are separate steps, and both need to work for the loan to close.

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.

How do I find out if a condo is warrantable?

Your lender reviews the project, usually by sending a questionnaire to the homeowners association and collecting its budget, insurance and other documents. The answers show whether the project meets agency standards. You can get a head start by asking the listing agent or management company how past buyers financed their units and whether any lawsuits, special assessments or major repairs are pending.