First United Bank offers the ability for borrower(s) to buy condominiums in projects that do not meet the standards required by FNMA, FHMLC and most Jumbo investors.
The Non-Warrantable Portfolio loan allows loans with the following characteristics (along with others not listed) that are less stringent than standard Agency requirements:
- Lower pre-sale requirement for new projects
- Lower percentage of the units required to be occupied by borrower(s) as their primary residence
- A higher percentage of the project can be occupied by commercial space
- Projects that operate as a Condominium Hotel are allowed in certain markets