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NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS

NON- WARRANTABLE TEXAS CONDO LENDERS

NON- WARRANTABLE TEXAS CONDO LENDERS

(No longer required to be FNMA warrantable) (If the Texas condo makes sense, exceptions may be made to the requirements below.

TEXAS NON-WARRANTABLE CONDO AND CONDOTEL MORTGAGE LENDERS REQUIREMENTS INCLUDE:

  • Primary and Second Homes Downpayment
  • 20% NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
  • Minimum Reserves 3 months PITI.
  • Minimum 680 Credit Score.
  • Max DTI 43 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS.
  • All Condos and Condotels must have a full kitchen and a separate bedroom.

 CO-OP MORTGAGE LENDERS APPROVAL PROCESS

1.

2. PRINT OUT CONDO OR CO-OP  QUESTIONNAIRE FOR ASSOCIATION TO FILL OUT COMPLETE.  the questionnaire must be 100% complete for Approval Commitment. No blanks or questions answered “n/a” 

Texas Non-Warrantable Condominiums including Condotels are subject to underwriters approval. All Non-Warrantable Condominiums will be reviewed and approved by Texas mortgage lenders Condo Team. Final Risk Levels are determined by the Condo Team after a Full Review is performed.

Please find attached the following Information requested in regards to our Texas Condo loans. Keep in mind that we do Non-Warrantable Condos. (No longer required to be FNMA warrantable)              

  1. Non-Warrantable Texas Condo Lenders / Rate Sheet.
  2.  Pre-Qual Form. 
  3. Texas Mortgage Lenders.com Wholesale Condo Questionnaire. (Attachment

(To save you some time, send me the name of the Non-Warrantable Condo Development, physical address, any issues of the Development and I will send to our Corporate Office to see if Acceptable?)

Non-Prime Program:

  • 24 Month Self Employed Bank Statement Program

                        (Perfect for ALL that Write-Off Everything!)

  • Non-Warrantable Condos. (No longer required to be FNMA warrantable)
  • Use middle FICO score of Primary Borrower.
  • Cash out up to $500,000, Loan Amounts to $1 Million.
  • Scores Starting at 500, 80 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS LTV’s as low as 580 Score and up to 50 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS DTI.
  • 12 Month Seasoning on BK, Foreclosure, Short Sale and Deed-In-Lieu.
  • Rates have Dropped as LOW AS 7.49 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS.
  •  
  • Recent Housing Event Program:

1 Day out of Foreclosure, Short Sale and Deed-In-Lieu, No Seasoning.

  • No Seasoning of BK if Mortgage Included, otherwise 12 Months Seasoning for Primary Residence, 2nd Home 24 Months.
  • Non-Warrantable Condos. (No longer required to be FNMA warrantable)
  • Use middle FICO score of Primary Borrower.
  • Cash out up to $500,000, Loan Amounts to $1 Million.
  • Scores Starting at 500, 80 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS LTV’s as low as 580 Score and up to 50 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS DTI.
  • Jumbo Loans, O/O, Condo’s, 2nd Homes, Bank Statements and Non-Permanent Resident Aliens Allowed.
  • Rates have Dropped as LOW AS 7.99 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS.

Investment Property Program:

  • 1 Day out of Foreclosure, Short Sale and Deed-In-Lieu, No Seasoning.
  • No Seasoning of BK if Mortgage Included, otherwise 12 Months Seasoning.
  • 5 properties with AOF or a total of 20 properties regardless of the Lender.
  • Properties in LLC OK, Individual must be on the Note, LLC will be on Title.
  • Cash out up to $500,000, Loan Amounts to $1 Million.
  • Foreign National, Max 65 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS LTV,Scores down to 560, Funds Seasoned for 60 days, 30 days seasoning in U.S. Depository Institution, Very Few Country Restrictions,

TEXAS CONDO LENDERS

TEXAS CONDO LENDERS FOR WARRANTABLE AND UNWARRANTABLE CONDOS!!TEXAS CONDO LENDERS

LINK-TEXAS CONDO ASSOCIATION WORKSHEET LINK CHEAT SHEET

Non-warrantable Condo Approvals!!

  • Up to 80 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS LTV
  • At least 30 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS of complex owner occupied
  • Condo litigation considered
  • Structural issues must be resolved and litigation is to recoup funds
  • Commercial influence exceeding FNMA limits considered                 

In comes the Texas VA mortgage  to the rescue for Condo Buyers and current Texas Condo homeowners. To qualify for a Texas VA Mortgage the Texas condo must be on the VA Approved Condo list, which includes many existing complexes.   You can search for VA Approved Condos yourself, or let us assist you,we are here to help. 

15, 20 and 30 year fixed rate terms available!

Texas Condominium Lenders – Texas Condo Loans

www.Texas-Mortgage-Lenders.com

What is a Non-Warrantable Condo? A Non Warrantable condo means the condo complex in question does not meet the minimum risk exposure standards of of FHA, VA, or Fannie Mae.

Components of A Warrantable Condo include:

  • Most of the Condo units are owner-occupied or second homes.
        • No More than 15 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS or less of the condo units are more than 30 days delinquent on HOA dues.
        • No more than 10 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS of a Condo project can be owned by a single person or entity.
        • No more than 20 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS of the Condo project can consist of non-residential space.
        • On established and existing Texas Condo projects, at least 90 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS of the condo must be sold.
        • For new and currently converted construction, 70 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS of the units must be pre-sold
        • Texas HOA’s must have at least 10 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS of its budgeted income designated for reserves
        • Adequate insurance coverage for liability, fidelity, and a master policy for building
        • HOA budget review

How do you know if your Texas condo purchase is warrantable?

Step 1 try these 3 warrantable condo links!

Step 2- Get a Texas Condo Questionnaire Filled out. Or Ask the association if the condo complex in question is warrantable.

TEXAS CONDO MORTGAGE LENDERS

Texas condo mortgage applicants will find that a mortgage on a Condo is more complex than purchasing a single family or town-home or villa. There are additional requirements for Texas condo associations that do not exist in other typical Texas mortgage transactions. The Condo must be approved by the Texas mortgage lender via condo association questionnaire before you can get financing on a Texas condo.

MANY TEXAS MORTGAGE LENDERS WILL NOT MORTGAGE TEXAS CONDOMINIUMS

Having trouble getting a Texas condo mortgage because the condo you are interested in is being denied by your Texas mortgage lender? Texas mortgage lenders.com offers condominium mortgage loans on many Texas condos projects that are not Fannie Mae approved and which other Texas mortgage lenders consider not financeable. Conditions include the Texas mortgage applicant must: 

  1. The Texas condo purchase must be a primary residence = 25 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS down payment for a purchase or 25 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS equity for a refinance.
  2. 2nd Texas condo home loan transactions require a minimum 30 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS down payment for the purchase and 30 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS equity in the Texas condo for a refinance.

Our expanded Texas mortgage approvals for condos require no condo questionnaire, no review of the association budget and no approval of the project reserves. It may seem counter-intuitive, but no matter how strong you may be as a Texas mortgage applicant, or what the down-payment/Loan-to-Value is; most Texas mortgage lenders will not mortgage Texas condos if they fail even basic criteria of a condo questionnaire. Details of most denials include: pending litigation in the project, low NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS of owner-occupancy, high NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS of current condo owners late on their HOA fees are just a few reasons that will kill your Texas condo mortgage. It is very risky to attempt to secure financing with Texas mortgage lenders that require Condominium questionnaire approval. A result of the Texas housing market crash is that most Texas condo projects have some of the aforementioned issues. The safe and easy path to a smooth Texas mortgage process is to work through one of the very limited numbers of Texas mortgage lenders that do not require Texas condo questionnaire approval.

Texas Mortgage Lenders.com is one of only a very small number of limited Lenders with Access to the Texas mortgage lenders that do not require a Texas condo questionnaire that offer these programs. 

QUESTIONS TO ASK THE TEXAS CONDO ASSOCIATION:

  1. Is the Texas condo project Fannie Mae or FHA Approved? If the answer is yes, then you may proceed as long as the Texas Condo is not on the Texas mortgage lender’s unwarrantable list (Yes, this is still possible even if a Texas condo project is Fannie Mae approved). It is important to note that some phases of a Texas condo project may be approved while others may not. This is a common mistake that can blow up many deals.
  2. Am I eligible for a Texas condo Project Review Waiver? (Also called a Limited Review) Primary Texas condo purchases with a 25 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS down payment/equity. Second Texas condo home transactions with a 30 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS down payment/equity. Investment Properties are not eligible. Beware of lenders offering “Limited Review” of a condo but requiring a Condo Questionnaire. If a condo questionnaire is required, then it is not a limited review and you risk your loan being denied for factors not related to your individual creditworthiness. Check that your Condo is not on the lender’s list of denied projects. The Government Homeowner Assistance Program = HARP will allow you to refinance up to 125 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS of your home’s value if your Loan is owned by Fannie Mae or Freddie Mac. There is no project approval for these programs.
  3. Can I get an Texas FHA mortgage in a Texas Condo that is not FHA Approved? No. Currently, FHA and lenders are not allowing spot reviews of condos for FHA Loans. You should check which Condos in the area you are interested in buying are already FHA approved if you are interested in a low down payment FHA loan.
  4. What is the minimum down-payment for a Condo Loan? For purchases, typically the minimum down payment is 20 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS. We encourage that you put more money down so that we can waive the project approval requirements. 25 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS- Owner Occupied. 30 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS- Second Home. If the project is FHA approved, you can purchase a primary residence with a 3.5 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS down-payment. For Refis, if the loan is eligible for HARP- Government Homeowner Assistance Programs- Then it is possible to get a condo home loan for up to 125 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS of the home’s value.

TEXAS CONDOMINUM MORTGAGE REQUIRMENTS

Texas Mortgage lenders have requirements for condo financing.

Mortgaging a Texas condominium comes with a few more requirements than a standard Texas mortgage. Condominiums are mostly part of a condo association and the reputation of that association can affect a Texas mortgage applicants chances of obtaining condo financing. Due to the number of association delinquencies many Texas mortgage lenders have raised their requirements for financing when purchasing Texas condominiums. Large down payments usually between 20-30 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS, association questionnaire approvals and inspections approved directly by the Texas mortgage lender are some of the requirements that Texas condo buyers must meet before they obtain a loan for a Texas condominium. 

TEXAS CONDO ASSOCIATION FEES

Living in a Texas condominium complex usually requires the unit owners to pay association fees. Most Texas mortgage companies can now refuse to finance if 15 percent or more of the residents are 30 days or more behind on their association dues. Delinquency rates in dues worry Texas mortgage lenders because it casts doubt on the association’s cash reserves and financial status.

New Texas condominium units and complexes have a minimum criterion of sold units to meet. Most Texas Mortgage Lenders now want to see at least 49 percent of the units sold or under contract before they will agree to financing.

TEXAS CONDO INSPECTIONS

o Condominium inspections usally take place before the Texas mortgage applicant apply for condo financing.. However, all Fannie Mae-backed Texas mortgages for condos will have to undergo an inspection by a Fannie Mae representative. This includes the complex as well as an investigation into the association’s financial situation. Previously, Texas condominium inspections were carried out but by the individual Texas mortgage lender.

TEXAS CONDOS LOANS REQUIRE LARGER DOWNPAYMENT

Mortgage insurance (MI) companies are currently not providing private mortgage insurance in Texas due to the large number of defaults. As a result Texas condo mortgage applicants are required to put down a minimum 20 percent down payment.

Texas-Mortgage-Lenders.com offers FHA, VA, Conventional, USDA, Condo, Non Warrantable Condo, Investment & Condotel (Condo Hotel) Financing for every city and county in Texas including.  

1 Houston 2,296,224 2,100,389 9.34 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
2 San Antonio 1,469,845 1,327,407 10.73 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
3 Dallas 1,317,929 1,197,816 8.53 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
4 Austin 931,820 790,390 17.89 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
5 Fort Worth 833,319 741,206 12.42 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
6 El Paso 681,124 649,121 4.93 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
7 Arlington 388,125 365,438 6.20 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
8 Corpus Christi 324,074 305,215 6.17 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
9 Plano 283,558 259,841 9.12 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
10 Laredo 255,473 236,091 8.20 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
11 Lubbock 249,042 229,573 8.48 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
12 Garland 236,897 226,876 4.41 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
13 Irving 236,607 216,290 9.39 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
14 Amarillo 198,645 190,695 4.21 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
15 Grand Prairie 187,809 175,396 7.07 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
16 Brownsville 183,887 175,023 5.06 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
17 McKinney 162,898 131,117 24.23 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
18 Frisco 154,407 116,989 31.98 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
19 Pasadena 153,784 149,043 3.18 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
20 Mesquite 144,788 139,824 3.55 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
21 Killeen 140,806 127,921 10.07 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
22 McAllen 140,269 130,242 7.69 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
23 Carrollton 133,168 119,097 11.81 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
24 Midland 132,950 111,147 19.61 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
25 Waco 132,356 124,805 6.05 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
26 Denton 131,044 113,383 13.24 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
27 Abilene 121,721 117,063 3.97 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
28 Odessa 118,968 99,940 19.03 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
29 Beaumont 118,129 118,296 –0.14 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
30 Round Rock 115,997 99,887 16.12 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
31 The Woodlands (CDP)[2] 112,505 93,847 19.88 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
32 Richardson 110,815 99,223 11.68 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
33 Pearland 108,821 91,252 19.25 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
34 College Station 107,889 93,857 14.95 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
35 Wichita Falls 104,710 104,553 0.15 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
36 Lewisville 104,039 95,290 9.18 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
37 Tyler 103,700 96,500 7.46 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
38 San Angelo 100,450 93,200 7.77 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
39 League City 98,312 83,560 17.65 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
40 Allen 98,143 84,246 16.49 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
41 Sugar Land 88,156 78,817 11.84 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
42 Edinburg 84,497 77,100 9.59 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
43 Mission 83,298 77,058 8.09 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
44 Longview 82,287 80,455 2.27 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
45 Bryan 82,118 76,201 7.76 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
46 Pharr 76,538 70,400 8.71 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
47 Baytown 76,335 71,802 6.31 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
48 Missouri City 74,139 67,358 10.06 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
49 Temple 72,277 66,102 9.34 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
50 Flower Mound 71,253 64,669 10.18 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
51 New Braunfels 70,543 57,740 22.17 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
52 North Richland Hills 69,204 63,343 9.25 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
53 Conroe 68,602 56,207 22.05 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
54 Victoria 67,574 62,592 7.95 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
55 Cedar Park 65,945 48,937 34.75 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
56 Harlingen 65,774 64,849 1.42 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
57 Atascocita (CDP) 65,844 65,844 0.00 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
58 Mansfield 64,274 56,368 14.02 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
59 Georgetown 63,716 47,400 34.42 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
60 San Marcos 60,684 44,894 35.17 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
61 Rowlett 60,236 56,199 7.18 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
62 Pflugerville 57,122 46,936 21.70 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
63 Port Arthur 55,340 53,818 2.82 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
64 Spring (CDP) 54,298 54,298 0.00 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
65 Euless 54,219 51,277 5.73 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
66 DeSoto 52,486 49,047 7.01 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
67 Grapevine 51,404 46,334 10.94 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS
68 Galveston 50,180 47,743 5.10 NON- WARRANTABLE TEXAS CONDO, CO-OP, CONDOTEL LENDERS

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