Condo HELOC: Warrantable vs. Non-Warrantable Treatment Across Programs
Condo eligibility for HELOCs depends on whether the condo is warrantable — meaning it meets standard agency guidelines — or non-warrantable. Most programs accept warrantable condos. Non-warrantable condos are where the programs diverge significantly.
What Makes a Condo Non-Warrantable?
A condo is generally considered non-warrantable when it fails to meet standard Fannie Mae or Freddie Mac guidelines. Common reasons include: a single entity owning more than 10% of units, more than 35% of units used as rentals, significant pending litigation involving the HOA, substantial deferred maintenance, a hotel-style rental program (condotel), or insufficient owner-occupancy rates. Non-warrantable condos are common in Florida, resort markets, and newer developments.
Program-by-Program Condo Eligibility
HELIX currently accepts both warrantable and non-warrantable condos under its general program. This is a meaningful advantage for Florida condo owners and borrowers in markets with a high proportion of non-warrantable buildings. Non-warrantable condo acceptance is one of HELIX's notable property-flexibility advantages.
Deephaven accepts both warrantable and non-warrantable condos. Non-warrantable condo maximum CLTV is generally around 75% (vs. 80% for warrantable). Deephaven's non-QM flexibility extends to condo eligibility.
NFTYDoor generally supports standard condos. Non-warrantable condo eligibility should be confirmed for current execution.
Figure generally supports standard condos. Non-warrantable condo eligibility should be confirmed for current execution.
Aven generally excludes high-rise condos under its current program. Standard warrantable condos may be eligible. Non-warrantable condo eligibility should be confirmed.
Condotels Are Generally Ineligible
A condotel — a condo unit in a hotel-style building with a rental program managed by the hotel — is generally ineligible across all five programs. This is distinct from a non-warrantable condo, which may still be eligible under HELIX or Deephaven.
Related guides
See Which Programs Fit Your Situation
Morgan Hardy shops all five programs. Send him the basics once and he'll identify which are relevant for your property, income, and situation.
Shop My HELOC OptionsProgram information last reviewed: August 2026
HELOC guidelines change frequently. Condo eligibility, CLTV limits, and program availability may change without notice. This information is educational and is not a loan approval, commitment or guarantee.