Non-Warrantable Condo & Townhome Loans
A “non-warrantable” condo is one that fails Fannie Mae or Freddie Mac’s project rules — too many rentals in the building, one owner holding too many units, pending litigation, or a new project still selling out. The unit can be perfect and conventional lenders still can’t buy the loan. Non-warrantable programs finance the unit on its own merits.
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What You Can Use It For
- Buying a condo or townhome in a project that fails agency warranty review
- Purchasing in new or converted projects that haven’t reached sale thresholds
- Financing units in buildings with high investor concentration
- Refinancing out of expensive interim financing once you’re in the unit
Why Borrowers Choose It
- The project’s paperwork problems stop being your problem
- Some programs accept both ITIN and SSN borrowers — rare in condo lending, and it varies by lender
- Loan amounts up to $3MM cover nearly any Kentucky project and most resort markets
- Works for a primary residence or a second home
Program Highlights
- ITIN & SSN eligible
- Loans up to $3MM
- Finance up to 80% of property value
- Primary residence or second home
- Purchase or refinance
Highlights reflect lender program guidelines at the time of writing — programs change, and your terms depend on your full application.
Where This Shows Up in Kentucky
Non-warrantable situations cluster in resort and college markets — new projects still selling out, buildings heavy with rentals, and condo-hotels. Kentucky buyers hit this in Lexington projects and in vacation markets in and out of state. If your Gorge-area purchase is a townhome in a small association, a quick project review up front tells you and your loan officer which lending lane it needs before you write the offer.
Common Questions
How do I find out a condo is non-warrantable?
Usually the hard way — mid-transaction, when the lender’s project review comes back. If you’re shopping condos, have the project reviewed early. If it fails, this program is the path that keeps your contract alive.
Do non-warrantable loans cost more?
Typically somewhat higher rates or down payments than agency loans — that’s the price of the added project risk. The comparison that matters is against losing the unit entirely, not against a conventional loan the project can’t get.
Let’s Find the Right Lender for Your Deal
Marcos Gil · REALTOR® · Your local guide to Red River Gorge financing options
Equal Housing Opportunity. Nothing on this page is a loan offer, loan approval, or commitment to lend by anyone; only a licensed lender can offer or approve a loan. Programs, rates, terms, and conditions are subject to change without notice; all applicants are subject to credit and underwriting approval, and not all applicants will qualify. Program details shown reflect available lender guidelines at the time of writing and may differ at application. Consult your accountant about tax matters. The loan programs described on this page are offered by licensed third-party lenders, not by Marcos Gil. Marcos is a licensed Kentucky real estate agent — not a mortgage loan originator — and can introduce you to a licensed loan officer for any program here. Verify any lender or loan officer at NMLS Consumer Access: nmlsconsumeraccess.org.
Ready to talk about a real purchase? A free consultation puts local eyes on your plan — and connects you with the right licensed lender for this loan type.
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Last updated: August 14, 2026