Angel Oak Non-QM Condominium Loans
Angel Oak offers Non-QM condominium loan programs designed for self-employed borrowers and real estate investors. We finance warrantable condos, non-warrantable condos, and condotels (condo-hotels) through a variety of solutions. All condominium transactions must have a completed homeowners’ association (HOA) questionnaire and a valid project approval.
| General Requirements |
|---|
| Purchase, Refi Cash Out, Refi Rate & Term, & Delayed Financing |
| Low-Rise, Mid-Rise, or High-Rise |
| 100% investor concentration OK |
| Up to 10% deductible on master condo insurance policy |
| Minimum 450 sqft of living space |
| Full functional kitchen required |
| New Construction allowed |
| Condo Conversion allowed, 3 year seasoning required |
| Litigation may be acceptable (case by case basis) |
| Permanent and non-permanent residents allowed |
All condominium projects must meet the following requirements:
| LTV | Pre-Sale Requirements |
|---|---|
| Max LTV Allowed | 90% Sold & Closed |
| Max LTV Reduced by 10% | 25% to 89%, Sold & Closed |
| Not Eligible | Less than 25%, Sold & Closed |
* Maximum concentration for Angel Oak is 5%
| LTV | HOA Reserve Requirements |
|---|---|
| Greater than 80% LTV | greater than or equal to 10% of the annual budget |
| 80% to 70% LTV | greater than or equal to 5% of the annual budget |
| Less than 70% | No reserve accounts required |
Mortgage Programs
Bank Statement / Full Doc:
- Warrantable Condos & Non-warrantable Condos
- Owner-occupied, Second Homes, and Investment Properties
- Up to 90% LTV
DSCR (Investment property only):
- Warrantable Condos, Non-warrantable condos, and Condotels (Condo-Hotels)
- Short Term Rental Allowed
- Condotels (Condo-Hotels), Lock-Out/Lock-Off units not allowed
- Foreign Nationals not allowed on Condotels
- Up to 85% LTV
HELOC and 2nd lien Mortgage:
- Warrantable condos only. Fannie Mae Condo Questionnaire 1076 required