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 mortgage still exists either way.
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Office in Vienna, Virginia
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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 condo mortgage options.
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 bigger down payment. Where the building is non warrantable too, a DSCR loan is often cleaner.
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 mortgage both change.
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.
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
Before the offer, not after signing. Checking warrantability costs a day and it saves contracts.
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.
We read the HOA papers with you
The budget, the reserves and the minutes. We flag what looks like a special assessment waiting to happen.
We tell you when to walk
We would rather say so than place the loan and watch you inherit the problem.
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.
Three steps. That is it.
Most people are pre-approved within two days.
Tell us how you get paid
A short call, in your language if you like. No credit check yet.
We shop it for you
We check many lenders and send you what you qualify for, in writing.
You get the keys
We handle the rest and close on the date you need.
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 or commercial space. One line ends warrantability.
Can I still buy if it fails?
Yes. A non warrantable building still finances through a lender that keeps the loan, with a larger down payment and a higher rate.
Who fills in the questionnaire?
The HOA or its management company, usually for a fee. Slow replies are a common delay, so it goes out early.
Does FHA approval matter?
Only if you use FHA financing. FHA keeps its own list, and single unit approval can sometimes cover one unit in a building that is not on it.
Can I buy an investment unit?
Yes, with tighter owner occupancy rules and more money down. A DSCR loan is often the better structure.
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, DC and Maryland.
If you are already under contract and the news is bad, call anyway. That is the file we fix most often.