Financing a Condo the Agencies Won't Approve
Program and regulatory figures verified September 18, 2026. Details change; confirm your scenario with us.
Non-warrantable is a statement about the building, not about you. Here is what can be done about it.
Why this clears where agency financing fails
Agency project review runs on a document. The condo questionnaire is where the association discloses its budget, reserve funding, delinquency rate, litigation, insurance and special assessments, and it is the document a struggling project fails on. Since August 3, 2026 that review is mandatory on every project over 10 units.
The financing we place does not require a condo questionnaire or a project certification. Property type still has to be an eligible one, but the project is not examined for warrantability, so the reserve percentage in the association's budget never enters the decision. The January 4 change simply does not reach it.
The terms
| Primary residence | Second home | |
|---|---|---|
| Maximum financing | 80% of value at 720+ 75% at 700-719 70% at 680-699 | 70% of value at 720+ |
| Loan amount | $25,000 to $1,500,000 | $25,000 to $1,000,000 |
| Project review | No condo questionnaire or certification required | |
In practical terms: 20% down on a primary residence, 30% on a second home, and you close on a unit the agencies will not touch.
What does not work
Being straight about the limits saves everyone time.
- Texas and New York are not available. That is a real gap, and it removes two of the largest condo markets in the country.
- Co-operatives are not eligible. A co-op is a different ownership structure from a condominium and is outside this entirely.
- Credit below 680 on a primary residence falls outside the published tiers.
- Investment property is not covered by the terms above.
If you fall into one of those, say so early and we will tell you whether anything else fits rather than running you through a process that ends the same way.
What to send
- The property address and whether it will be a primary residence or a second home.
- The purchase price or estimated value, and what you plan to put down.
- If a lender already declined it, whatever they told you about why — the project reason is more useful than the letter.
Background on what projects fail on is at why projects fail review, and the dated rule timeline is at what changed and when.
No obligation. Send us the project and the scenario, and you will get a straight answer on whether it can be financed and on what terms, including when the answer is no.
We are a lender. Association budgets, reserve studies and governance decisions belong to the board, its management company and association counsel. What we can tell you is what those decisions do to an owner's ability to finance or sell.
Frequently asked questions
How much do I need to put down on a non-warrantable condo?
On a primary residence, 20% at 720 or better credit, 25% at 700-719, and 30% at 680-699. On a second home, 30% at 720 or better. Those are maximum financing tiers, so a stronger file does not reduce them further.
Do you need a condo questionnaire?
No, and that is the whole point. No condo questionnaire or project certification is required, so the project is never reviewed for warrantability. The association's reserve percentage, delinquency rate and budget do not enter the decision.
Is this available in every state?
Nationwide except Texas and New York. Those two are genuinely unavailable rather than harder, which is worth knowing early if your property is in either.
Can I use this for a co-op?
No. Co-operatives are a different ownership structure from condominiums and are not eligible. If you are looking at a co-op, this is not the route.
Does non-agency condo financing cost more?
Non-agency financing prices differently from agency financing, and the specifics depend on the file, the property and the market at the time. We quote your actual scenario rather than publishing a range, because a range on a page is out of date the day after it is written.
Mike Certo · NMLS #260555 · Cornerstone First Mortgage NMLS #173855 · Equal Housing Lender. Educational content about financing, not a loan commitment and not legal, tax, accounting or association-governance advice. Agency project standards change; association budgets, reserve studies and governance decisions belong to the board, its management company and association counsel. Loans are subject to borrower and property qualification, and not all projects or borrowers will qualify.