Residential · Calculator
Condo Analyzer
Pre-screen a condo project against the 10 most-common Fannie/Freddie warrantability tests — owner occupancy, investor concentration, commercial space, reserves, litigation, and more.
Project Composition
Primary + second-home owners.
Largest single-entity holding — typically the developer or an investor LLC.
% of total square footage that is commercial / retail.
HOA Financials
Fannie wants ≥ 10% of operating budget.
% of owners >60 days delinquent on dues.
Risk Flags
Project Classification
Warrantable
Passes all standard Fannie/Freddie tests — eligible for full conventional pricing.
Key Metrics
Test Results
Owner occupancy ≥ 50%
75.0% owner-occupied — meets Fannie standard.
Investor concentration ≤ 50%
25.0% investor-owned.
Single-entity ownership ≤ 10%
Largest holder owns 6.3% (cap 10% for >20-unit project).
Commercial space ≤ 25%
15% commercial — within standard tolerance.
No active litigation
No active litigation reported.
No mandatory rental program
No mandatory rental requirement.
Annual reserves ≥ 10% of budget
12.5% of operating budget allocated to reserves.
Reserve balance ≥ 6 months of budget
6.3 months of operating budget in reserves — healthy buffer.
Delinquency rate ≤ 15%
8% of owners >60d delinquent — within Fannie tolerance.
Reserve study within last 3 years
Recent reserve study on file — required by FL SB 4-D for buildings 3+ stories or 30+ years old.
Fidelity bond (>20 units)
Fidelity bond in place.
Frequently asked
About this calculator.
What does "warrantable" mean for a condo?
Warrantable = the project meets all of Fannie Mae and Freddie Mac's standards (Selling Guide B4-2 + Freddie equivalent) so the loan can be sold to the agencies after closing. Warrantable means full conventional pricing. Anything that fails the standards routes to Limited Review (slightly tighter terms) or non-warrantable specialty financing (much tighter terms, higher rates).
How is this different from a full HOA questionnaire?
A full questionnaire has 30+ items and requires the HOA management company to fill it out. This calculator captures the 10 most-common deal-killers so a buyer can pre-screen a building before writing an offer. If the calculator flags Warrantable, the questionnaire usually clears. If it flags hard fails, you save weeks of wasted time.
What's the most common reason a Florida condo fails warrantability?
Three things: (1) deferred maintenance + low reserves after 30+ years (especially post-Surfside), (2) high investor concentration in resort-market buildings, and (3) commercial space ratios exceeding 25% in mixed-use towers. The good news: stacked-second mortgage structures and non-QM specialty programs cover most of these scenarios. We just need to know the truth before writing the offer.
Where do these warrantability rules come from?
Fannie Mae Selling Guide B4-2 (Project Standards) and Freddie Mac Single-Family Seller/Servicer Guide. Both are publicly published and updated quarterly. We mirror the most-current published thresholds; minor lender overlays may add or relax specific items.
What if my building is non-warrantable?
Non-warrantable condos and condotels route to non-QM specialty programs. We have direct placement at the wholesale lenders that finance these — see our /residential/non-qm pillar page for the full program list and underwriting terms.
Florida condo deals
We know which buildings clear.
Send us the project name + address before you write the offer — we have a database of which South Florida buildings are warrantable, which need Limited Review, and which route to non-QM.
Prefer to talk first? Call (707) 583-3666