How do I know if my condo is non-warrantable?

A condo is typically non-warrantable when: the HOA doesn't allocate 10% to reserves, a single entity owns too many units, the association is in litigation, it has condo-hotel characteristics, less than 50% of units are owner-occupied, many units are 60+ days late on maintenance, or there's too much commercial space.

Why do most lenders decline non-warrantable condos?

Fannie Mae and Freddie Mac won't purchase these loans on the secondary market, so most banks avoid them entirely. Swiftlend works with specialized investors who understand the Florida condo market.

Are rates higher for non-warrantable condos?

Rates may be slightly higher than conventional condo financing due to the specialized nature of the loan, but Swiftlend's deep lender relationships keep them as competitive as possible.

Non-Warrantable Condo Loans in Florida

Key Details

Experience

10+ Years

Specialty

Non-Warrantable

Deductibles

Up to 10%

Coverage

All FL Counties

Who Is This For

Who is this loan for?

A condo becomes non-warrantable when it fails to meet conventional lending guidelines. Most lenders simply decline these applications. Swiftlend specializes in getting them approved.

Buildings that don't allocate 10% of dues to reserves

Condos where a single entity owns a large percentage of units

Associations in active litigation or with condo-hotel characteristics

Buildings with less than 50% owner occupancy or large commercial space

How non-warrantable condo financing works in Florida

A non-warrantable condo is a unit in a building that doesn't meet Fannie Mae or Freddie Mac guidelines, so most banks won't lend on it. Common reasons include condo-hotel or short-term-rental features, ongoing HOA litigation, a single entity owning too many units, under 50% owner occupancy, inadequate reserves, or excess commercial space. Swiftlend, a licensed Florida mortgage broker (NMLS #402985) based in Miami, specializes in financing these units for buyers, second-home owners, and investors across all Florida counties.

Because these loans can't be sold to the agencies, Swiftlend arranges them through portfolio and specialty lenders that keep the loans in-house and underwrite the building on its own merits. Expect a review of the HOA's budget, reserves, insurance (including deductibles up to 10%), litigation status, and occupancy mix, alongside your income, credit, and down payment. We gather a condo questionnaire and association documents up front so the property side moves in step with your file, rather than surprising you late.

Miami and South Florida have one of the country's densest condo markets, so non-warrantable buildings are common here — and Swiftlend has spent over a decade financing them when other lenders decline. As a broker, we compare programs across multiple lender partners to fit your building's specific issues and keep terms competitive. If you've been turned down elsewhere, or want to know before you make an offer, reach out and we'll review the condo and get you pre-approved.

How It Works

Pre-qualification & building check

We review your income, credit, and down payment, and flag why the condo is non-warrantable up front. A quick look at the association and building tells us which lender partners fit before you commit or make an offer.

Documentation & condo review

You provide standard income and asset documents while we collect the condo questionnaire, HOA budget, reserves, insurance, and litigation details. Underwriting evaluates both you and the building against the specialty lender's guidelines.

Appraisal & association verification

A licensed appraiser establishes the unit's value while we verify occupancy mix, reserve funding, insurance deductibles, and any pending litigation. This confirms the property meets the chosen portfolio lender's non-warrantable requirements.

Clear to close & funding

Once underwriting clears your file and the building, we finalize terms, schedule signing, and fund the loan. Swiftlend coordinates title, the HOA, and the lender so your Florida closing stays on track.

Non-Warrantable Condo Mortgages