Direct answer
A project-document workflow separating Fannie Mae condo eligibility from proprietary DSCR lender review of a Florida condominium.
Property-file workflow
- Identify why the project failed or cannot complete an agency review; “non-warrantable” is not one defect.
- Collect governing documents, budget, reserves, insurance, litigation, assessments, occupancy and commercial-use information.
- Separate unit condition/value from project-level eligibility risk.
- Ask the DSCR lender for its written project review and exception policy.
- Model assessments, dues, insurance and rental restrictions in the property cash flow.
Decision record
| File | Decision question |
|---|---|
| Legal/use | Is the intended ownership and use permitted and documented? |
| Property/project | What condition, insurance, association or marketability risks remain? |
| Income | Which evidence and calculation will the lender accept? |
| Borrower/entity | Which identity, asset, credit and authority documents are required? |
| Written terms | What conditions, costs, reserves and exit provisions control? |
Joe’s Advice
“Name the exact exception before discussing financing. A label such as Airbnb, foreign national or non-warrantable condo does not tell you which legal, property or lender condition controls.”
— Joseph “Joe” Pistone, NMLS 2087918
Verified questions
Does non-warrantable mean a condo is automatically eligible for DSCR financing?
No. It only signals an agency project issue or incomplete review; proprietary lenders apply their own project and transaction standards.
What project risks does Fannie Mae identify?
Its current guidance addresses financial viability, condition, marketability, use restrictions, litigation, insurance and other project-level risks.
Is a lender waiver the same as project approval?
No. Obtain the exact written scope, conditions and expiration of any lender decision.
What documents should an investor request?
Request governing documents, current budget and financials, reserve information, insurance, litigation and assessment records, questionnaires and rental restrictions.
Primary sources reviewed August 28, 2026
- Fannie Mae project standards overview
- Fannie Mae ineligible projects
- Fannie Mae full-review process
- Fannie Mae general property eligibility
Public sources define regulatory and agency context. Proprietary DSCR eligibility remains lender-specific.