Fannie Mae & Freddie Mac · 2026–2027
A non-warrantable condo is a unit in a building that doesn’t meet Fannie Mae or Freddie Mac project standards, so a conventional loan isn’t available. Olympus Financial finances these units through 80+ investors that judge the building on its merits — for buyers and owners in Florida, Colorado, Georgia, Texas and Illinois.
Since the 2021 collapse in Surfside, Florida, Fannie Mae and Freddie Mac have steadily raised the bar a condo building must clear before they will buy a loan on one of its units. Each step is in the agencies’ own published guidance, cited below.
Months after the Champlain Towers South collapse, Fannie Mae issued temporary requirements making buildings with significant deferred maintenance or unsafe conditions ineligible, and tied certain special assessments to the same review.[1] Those standards became permanent guidance in 2023.[2]
For loan applications dated on or after July 1, 2026, the master policy’s per-unit deductible may not exceed $50,000. Associations that raised deductibles to hold down premiums can fall out of eligibility.[2]
Fannie Mae retired Limited Review and Freddie Mac retired Streamlined Review for applications dated on or after August 3, 2026. Established buildings that once passed on a short questionnaire now need a full review of budget, reserves, insurance and building condition. A reserve study can still be used, but only if the budget funds the study’s highest recommended amount; the lower “baseline” method no longer counts.[2][3][5]
For applications dated on or after January 4, 2027, Fannie Mae requires an association’s budget to set aside at least 15% of annual assessment income for replacement reserves, up from 10%. Freddie Mac set increased reserve requirements for the same date. A special assessment cannot stand in for the reserve line.[2][3][4]
A non-warrantable finding is about the association — its budget, its repairs, its insurance — not about the borrower. These are the issues the agencies’ own guidance names most often.[4][5]
Unfinished structural, roof, balcony, foundation or parking-structure work, or a failed mandatory inspection. The building stays ineligible until the repairs are complete.
A budget below the reserve minimum, or a reserve study funded at less than its highest recommendation.
A master-policy deductible above $50,000 per unit, or coverage that doesn’t meet agency requirements.
More than 15% of units 60 or more days behind on assessments.
Projects that operate primarily as hotels or condotels, with front desks and rental programs.
A building marked “Unavailable” in Fannie Mae’s Condo Project Manager is ineligible whatever review a lender runs.
None of it is about you. None of it has to stop the purchase.
A failed review means one thing: the loan can’t be sold to Fannie Mae or Freddie Mac. So we don’t send it there. We place it with investors who set their own building standards and review the actual issue — a repair schedule, a reserve plan, an insurance fix — instead of a checklist.
Primary homes, second homes and rentals. W-2 income, bank statements, 1099s, assets, or for investors, the property’s own rent through a DSCR loan. The borrower is still fully underwritten; only the building is judged differently.
Get a Straight AnswerAlready under contract? Tell us your dates. We work backward from your closing.
The address and what your lender told you. If you have the condo questionnaire, budget or reserve study, even better.
We identify exactly why the building failed and take it to the investors that accept that issue. You get real terms on your scenario, not a maybe.
One team runs the file from application to the closing table and keeps you, your agent and your attorney informed at every step.
Olympus Financial is licensed in these five states only. The agency rules on this page apply nationwide; our lending does not.
Not a call center. Not a ticketing system. Licensed Olympus loan officers who work these buildings every week, pick up the phone, and don’t stop until it closes.
Founder of Olympus. Built its Non-QM and condo lending practice and oversees every non-warrantable file.
Miami condo finance. Non-warrantable buildings and condotels.
Correspondent lender and mortgage broker. 80+ investors, licensed in five states, 5.0 on Google.
About OlympusEvery Olympus loan officer can take your file and bring in the right specialist.
Meet the Full TeamShort answers to what buyers, owners and agents ask us most. For your building and your numbers, send us the address.
A unit in a building that doesn’t meet Fannie Mae or Freddie Mac project standards. Conventional loans aren’t available on it, but non-agency loans are. The label describes the building and its association, not the buyer.
Both agencies retired their quick condo reviews on August 3, 2026, so buildings over ten units now get a full review. Reserve studies must be funded at their highest recommendation, and Fannie Mae’s reserve minimum rises from 10% to 15% on January 4, 2027.[2][3]
No. Buildings with ten or fewer units may qualify for a waiver of project review, and an association can meet the requirement through a reserve study funded at its highest recommended level instead.[2]
No. The decline applies to conventional financing on that building. Ask your lender for the reason in writing, keep your contract dates in view, and send us the building today.
Usually somewhat. Expect a larger down payment and higher pricing than conventional, depending on the investor and the building’s issue. We show you the actual terms for your scenario before you commit.
Often, yes. If the association completes its repairs, funds its reserves or fixes its insurance, and you qualify, a conventional refinance may be available down the road.
A condotel is one kind of non-warrantable building: one run like a hotel. It needs its own financing approach. How condotel financing works →
Florida, Colorado, Georgia, Texas and Illinois. If your property is in another state, we can’t originate the loan.
Agency guidance changes. This page summarizes it for borrowers and is not the guidance itself; lenders apply the full Selling Guide and Seller/Servicer Guide to each loan.
Send us the address and what your lender told you. We’ll tell you exactly what’s possible and get you moving fast.
Send Us the BuildingCall before it falls apart. One conversation tells you whether the building can close.
Call 888.709.4880Olympus Financial, LLC · NMLS #2469800 · Licensed in Florida, Colorado, Georgia, Texas and Illinois.
Not a commitment to lend. All loans subject to credit and property approval. Program availability and terms vary by investor; not every building or borrower qualifies. Olympus Financial is not affiliated with Fannie Mae or Freddie Mac. Reviewed by Josh Jankelow, President, NMLS #1857361 · Updated October 14, 2026.