Start with the reason for the decline
“Non-warrantable” generally describes a project that does not satisfy applicable conventional agency project requirements. Ask for the specific issue: insurance, financial condition, repairs, litigation, ownership concentration, project use, or another requirement. Missing documentation and an actual eligibility failure require different next steps.
Three terms that are not interchangeable
Portfolio describes a lender retaining a loan. Non-QM describes a loan outside the Qualified Mortgage framework. Private lending describes a source of capital. A project’s warrantability and a loan’s QM status are different questions; a non-warrantable condo loan is not automatically non-QM.
Compare the complete offer
Ask about eligible occupancy, down payment, rate structure, points, term, reserves, and any balloon or prepayment provision where permitted. Alternative lenders still assess collateral and risk. Serious safety, repair, insurance, or legal issues can remain barriers. Available lenders and programs depend on the state, borrower, and project.
Go to the official sources
These resources explain the program requirements. Lender restrictions and transaction details can also affect the outcome.
Fannie Mae: Ineligible project characteristics CFPB: Qualified Mortgage overview