Project Review - Condos & Co-Ops

Non-Warrantable Condos:

• Offered on Non-QM products
• If the project is not fully completed, only 50% of the total number of units and 50% of common areas must be complete vs. 100% for warrantable condos
• Up to 40% of the total square footage of the project can be used for commercial purposes
• Only need up to 35% of the total units in the project to be sold or under contract for purchase to owner-occupied primary residence or second home purchases*
• Up to 20% of unit owners can be over 60 days delinquent on their HOA dues

* New construction Condos in Florida and Newly Converted non-gut Condo Conversions are not eligible, PERS required