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, DSCR (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, DSCR (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, DSCR (Investor Cash Flow) |
| Condotel | Condo operated as hotel/short-term rental | Hotel-managed condo units | DSCR (Investor Cash Flow) |
| Manufactured Housing | Factory-built home on permanent foundation | Single-wide, double-wide, triple-wide | Bank Statement, Platinum Jumbo, Portfolio Select |
| 2-4 Units | Residential building with 2-4 separate units | Duplex, triplex, fourplex | DSCR (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.
Property Characteristics & Requirements:
- Detached homes
- Site condominiums (stand-alone homes with condo ownership structure)
Eligible Programs:
- Platinum (Full Doc, Asset Depletion, Asset Qualifier)
- Portfolio Select
- Bank Statement
- DSCR (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.
Property Characteristics & Requirements:
- 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.
Property Characteristics & Requirements:
- 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)
- DSCR (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.
Property Characteristics & Requirements:
- 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
- DSCR (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 DSCR (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.
Property Characteristics & Requirements:
- Condo units within hotel-managed properties
- Short-term rental condos
Eligible Programs:
- DSCR (Investor Cash Flow)
2-4 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.
Property Characteristics & Requirements:
- Duplex (2 units)
- Triplex (3 units)
- Fourplex (4 units)
Eligible Programs:
- Platinum
- Portfolio Select
- Bank Statement
- Asset Qualifier
- ITIN
- DSCR (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.
Property Characteristics & Requirements:
- Primary residence occupancy only.
- Property must be no more than 10 years old.
- Minimum living area of 1,000 square feet.
- Only double-wide manufactured homes are allowed. Mobile, Single-wide, and triple-wide homes are not eligible.
- Home must be permanently affixed to a foundation and permanently connected to utilities, including water, sewer/septic, and electricity.
- Property must have direct access via a publicly maintained road; homes located on dirt roads are not eligible.
- Towing hitch, wheels, and axles must be removed, and the home must exhibit the characteristics of a site-built residence.
- Borrower must own the land in fee simple. Maximum acreage is 5 acres.
- Property cannot be located in a rural area or within agricultural zoning
Eligible Programs:
- Bank Statement (Self-Employed)
- Platinum Jumbo and Portfolio Select (Full Doc)