Angel Oak Program Eligibility by Property Type
Angel Oak Mortgage Solutions – Property Type Eligibility Summary Table
| Property Type | Brief Description | Types | Eligible Angel Oak Programs |
|---|---|---|---|
| Single Family Home | Detached residential property for one household | Detached homes, site condos | Platinum, Portfolio Select, Bank Statement, Asset Qualifier, ITIN, Investor Cash Flow, HELOC & CES |
| Warrantable Condo | Condo unit meeting agency guidelines | Low-rise, mid-rise, high-rise, site condos | Platinum, Portfolio Select, Bank Statement, Asset Qualifier, ITIN, Investor Cash Flow, HELOC & CES |
| Non-Warrantable Condo | Condo unit not meeting agency guidelines | Projects with high investor concentration, pending litigation, insufficient reserves | Platinum, Portfolio Select, Bank Statement, Asset Qualifier, Investor Cash Flow |
| Condotel | Condo operated as hotel/short-term rental | Hotel-managed condo units | Investor Cash Flow |
| Manufactured Housing | Factory-built home on permanent foundation | Single-wide, double-wide, triple-wide | Bank Statement, Platinum Jumbo, Portfolio Select |
| 1-4 Units | Residential building with 1-4 separate units | Duplex, triplex, fourplex | Investor Cash Flow, Platinum, Portfolio Select, Bank Statement |
Single-Family Homes
A single-family home is a detached residential property designed for one household. It offers privacy, a yard, and is not attached to other units.
Types of Properties:
- Detached homes
- Site condominiums (stand-alone homes with condo ownership structure)
Eligible Programs:
- Platinum (Full Doc, Asset Depletion, Asset Qualifier)
- Portfolio Select
- Bank Statement
- Investor Cash Flow (for investment properties)
- Agency (Conventional, HomeReady, Home Possible)
- Closed-End Seconds & HELOCs
Condos
Condos are individually owned units within a larger building or complex, with shared amenities and common areas managed by an HOA.
Types of Properties:
- Warrantable condos (meet Fannie/Freddie guidelines)
- Low-rise, mid-rise, and site condos
- Detached condos
Eligible Programs:
- Platinum
- Portfolio Select
- Bank Statement
- Asset Depletion
- Asset Qualifier
- Agency (Conventional, HomeReady, Home Possible)
- Closed-End Seconds & HELOCs
Warrantable Condos
A warrantable condo meets Fannie Mae/Freddie Mac (agency) guidelines for project approval. These projects typically have strong financials, no pending litigation, adequate insurance, and no single entity owning more than 20% of the units.
Types of Properties:
- Low-rise, mid-rise, and high-rise condos (9 stories or less for most programs)
- Site condominiums (stand-alone homes with condo ownership structure)
Eligible Programs:
- Platinum
- Portfolio Select
- Bank Statement
- Asset Qualifier
- ITIN (9 stories or less)
- Investor Cash Flow
- HELOC & Closed-End Second (CES)
Notes:
- All major Angel Oak programs are available for warrantable condos. Must meet project and HOA requirements (budget, reserves, insurance, etc.).
- For ITIN: High-rise condos (10+ stories) are ineligible
- For HELOC & Closed-End Second: Only warrantable condos are eligible
Non-Warrantable Condos
A non-warrantable condo does not meet agency guidelines, often due to factors like high investor concentration, pending litigation, inadequate reserves, or other project-specific issues.
Types of Properties:
- Projects with more than 20% single-entity ownership
- Projects with significant commercial space
- Projects with pending litigation or insufficient reserves
Eligible Programs:
- Platinum
- Portfolio Select
- Bank Statement
- Asset Qualifier
- ITIN (not eligible for high-rise, non-warrantable condos)
- Investor Cash Flow
Notes:
- Angel Oak offers non-agency programs for non-warrantable condos, but additional project review and restrictions may apply.
- HELOC & Closed-End Second: Not eligible for non-warrantable condos
- ITIN: Non-warrantable and high-rise condos (10+ stories) are ineligible
- Condotels (hotel/short-term rental condos) are only eligible under Investor Cash Flow with restrictions.
Condotel
A condotel (condo hotel) is a condominium unit located within a hotel or resort property, typically operated as a short-term rental or vacation accommodation. Units may be individually owned but are managed by a hotel operator, offering hotel-like amenities and services. Condotels are considered non-warrantable and are only eligible under select programs.
Types of Properties:
- Condo units within hotel-managed properties
- Short-term rental condos
Eligible Programs:
- DSCR Loan
1-4 Unit Properties
Residential buildings containing one to four separate units, each with its own entrance and living space. This includes single-family homes, duplexes (2 units), triplexes (3 units), and fourplexes (4 units). Eligible for a wide range of loan programs and can be used for primary residence, second home, or investment purposes.
Types of Properties:
- Single Family (1 unit)
- Duplex (2 units)
- Triplex (3 units)
- Fourplex (4 units)
Eligible Programs:
- Platinum
- Portfolio Select
- Bank Statement
- Asset Qualifier
- ITIN
- Investor Cash Flow
- HELOC & Closed-End Second
Manufactured Housing
Factory-built home installed on a permanent foundation. These homes are constructed in a controlled environment and transported to the site for installation. They must meet HUD standards and be affixed to land owned by the borrower.
Types of Properties:
- Single-wide: A manufactured home that is built as one long, narrow unit, typically 14-18 feet wide and up to 80 feet long.
- Double-wide: A manufactured home consisting of two sections joined together, usually 20-32 feet wide and up to 80 feet long.
- Triple-wide: A manufactured home made up of three sections, offering even more space and flexibility in layout.
Eligible Programs:
- Bank Statement
- Platinum Jumbo
- Portfolio Select