With a condo, the building gets checked too.
On a house, a lender checks you and the property. On a condo they also check the whole building.
That third part is where deals die, usually a week before closing.
Send the address. We answer within a day.
- Too many units rented out
- Thin reserves in the HOA budget
- Owners behind on their dues
- A lawsuit about safety or structure
- Too much commercial space
None of it is your fault, and none of it shows on the listing. A condo loan still exists either way.
Licensed mortgage broker · NMLS 179997
Office in Vienna, Virginia
We speak 8 languages
The building can fail you without doing anything wrong.
A condo mortgage depends on warrantability; the building must meet lending standards.
Common issues include high investor concentration, low HOA reserves, unpaid dues, safety-related lawsuits, or too much commercial space.
These issues often surface through a condo questionnaire sent to the HOA.
A building can become non-warrantable if its financial or legal situation changes.
In that case, specialized lenders may still offer non-warrantable condo loan options, though rates typically run above those for a standard warrantable file.
Which one of these is you?
Almost every condo mortgage we place starts in one of these six spots.
You are under contract and the news is bad
This is the emergency call we get most. A condo questionnaire showing a non-warrantable building does not end your purchase. It changes the lender and the timeline.
The building is mostly renters
Investor concentration is the most common failure here, especially near Metro. Owner occupancy below the line sends a file straight to a portfolio lender.
There is a special assessment coming
A pending special assessment can affect approval and will affect your budget. A special assessment already charged but unpaid is a different problem again.
You are buying the unit as a rental
Investor purchases face tighter owner-occupancy rules and a larger down payment. Where the building is non-warrantable too, a DSCR loan is often cleaner a path our DSCR and investment property loans page covers directly.
The building is new and still selling
New buildings often come back non-warrantable, simply because the developer still owns units and the HOA budget is not settled yet.
You are buying above the county limit
A high-rise unit in Arlington or Tysons can reach jumbo territory, where the rules and the appetite for a condo bank loan both change, a comparison worth reviewing on our jumbo loans page.
A failed building costs you a little more.
Here is what changes for a condo mortgage when warrantability fails, and what to read before it does.
The deposit
A down payment from 10% to 25%. The lender keeps the loan rather than selling it, which is exactly why the building rules stop applying.
The rate
Above a normal condo mortgage. Weigh that against losing a unit you want over a reserve study you never saw. High investor concentration rarely improves quickly.
The exit
Many buyers refinance into normal financing later, once the building fixes whatever failed. Buildings do fix these things, and our refinance page covers that path once your building requalifies.
The documents
Read the HOA budget, the reserve study, and the minutes. They tell you more about your future costs than the listing ever will.
The warning sign
A thin reserve today is a special assessment tomorrow. That is a money question rather than a lending one.
We check the building before you offer.
Most lenders order the condo questionnaire after you are under contract. We look first, which is the most useful thing anyone can do for a condo buyer.
We pre check the building
We check everything thoroughly before you submit an offer, rather than waiting until after signing the contract. Checking property warrantability takes just a single day of your time and ultimately saves your important contracts from failing.
We keep a second route open
If the building fails, the file moves rather than dies. Having that lender lined up in advance is what protects your closing date, whether we route it to a specialty condo loan lender relationship or a DDSCR-basedinvestor program instead.
We read the HOA papers with you
We carefully examine the official budget, financial reserves, and meeting minutes together with you. We proactively flag any hidden red flags or potential issues that look like a costly special assessment waiting to happen in the future.
We tell you when to walk
We would much rather advise you honestly to walk away than push a bad loan through and watch you inherit a major financial problem. Your long-term peace of mind and financial security always remain our absolute top priority.
SAI Mortgage, Inc.
Is committed to helping you find the right mortgage product for your needs, whether you’re exploring a home mortgage loan, considering a home mortgage loan in Virginia, or comparing other financing options. We understand that every borrower is different, and we offer a variety of products to meet your individual requirements, ensuring you receive guidance that fits your unique financial goals, whether that means a straightforward loan for a condominium purchase or a more complex non-warrantable file. See our full range of programs on our homepage.
Tell us how you get paid
Have a short conversation in your preferred language if you wish. Please note that there is no credit check required right now.
We shop it for you
We check many lenders and send you what you qualify for, in writing, including whether condominium financing at your specific building qualifies for standard or specialty rates.
You get the keys
We professionally manage everything from start to finish and ensure your successful closing happens precisely on the target date you need without any unnecessary delays.
Licensed in Virginia, DC and Maryland.
From our office in Vienna, we serve buyers across the Commonwealth, and your file follows you if you move across state lines.
Northern Virginia
I-95 Corridor
Hampton Roads
Central & Western Virginia
What people ask us first.
The questions that come up on almost every call.
What makes a condo non warrantable?
Failing any standard on investor concentration, reserves, unpaid dues, litigation,n or commercial space. One line ends warrantability.
Can I still buy if it fails?
Yes. A condo FHA loan or standard conforming loan will not work on a non-warrantable building, but a specialty non-warrantable condo loan through a portfolio lender usually can, typically with a larger down payment and a somewhat higher rate.
Who fills in the questionnaire?
The HOA or its management company completes the condo questionnaire, which the lender uses to confirm details like owner occupancy percentage, reserve fund balance, pending litigation, and any current or planned special assessments.
Does FHA approval matter?
Yes, but only if you plan to use FHA financing. Meeting condo loan requirements for FHA specifically means the building itself must be on HUD’s approved list. A conventional or non-warrantable file does not require this same building-level FHA approval, though it has its own separate warrantability standards.
Can I buy an investment unit?
Yes, though investor purchases face tighter owner-occupancy rules within the building itself and typically require a larger down payment than an owner-occupied purchase. Where the building’s investor concentration is already high, a DSCR loan often becomes the cleaner path forward.
Send the address before you send an offer.
We will tell you how the building looks from a lending point of view, usually within a day, at no cost.
We work across Tysons, Arlington, Alexandria, and Reston, and we are licensed in Virginia, D,C and Maryland.
If you are already under contract and the news is bad, call anyway. That is the file we fix most often.