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What Makes a Condo Warrantable vs. Non-Warrantable? Fannie Mae and Freddie Mac may deem a condo non-warrantable for several reasons If the complex is still under construction or has an ongoing development project underway at the time of your purchase, depending on the scope of the development, it may be deemed non-warrantable
The Financial Risks of Buying a Non-Warrantable Condo A condominium is deemed non-warrantable when it does not meet criteria by Fannie Mae and Freddie Mac to allow for mortgage financing Beyond the homebuyer’s qualifications for financing the
What is a Non-Warrantable Condominium? | Homebuyer. com What is a Non-Warrantable Condominium? A non-warrantable condominium is a condo unit or building that does not meet the minimum financing or operational standards required for mortgage approval
What is a non-warrantable condo? Everything you need to know Non-warrantable condos are condominium units that cannot be sold to Fannie Mae and Freddie Mac on the secondary mortgage market due to their perceived risk Many lenders will not create loans that cannot be sold on the secondary market, whereas others may charge the homebuyer a greater down payment or interest rate
Warrantable vs Non-Warrantable Condos: What’s the Difference? On the other hand, a non-warrantable condo doesn’t meet the above requirements A non-warrantable condo is also one that operates as a hotel or provides short-term rentals Therefore, these types of condos are sometimes located in touristy areas like beach resorts and in college towns
Understanding Non-Warrantable Condos - JVM Lending A non-warrantable condo refers to a property that falls short of the criteria set by conventional mortgage lenders like Fannie Mae, Freddie Mac, and jumbo lenders This status makes the property ineligible for the most attractive financing deals
Non-Warrantable Condo Mortgage Lender - First Heritage Mortgage What Makes A Condo Non-Warrantable? A condominium property is flagged as non-warrantable if the loan is not eligible to be sold to Fannie Mae or Freddie Mac because it does not meet their conventional guidelines
Understanding Warrantable vs. Non-Warrantable When Purchasing a Condo . . . Non-Warrantable Condos: Understanding the Risks A condo may be non-warrantable for several reasons: Ongoing construction or development projects Active litigation involving the HOA Low owner-occupancy rates High concentration of units owned by a single entity
What Are Non-Warrantable Condos? A Beginner’s Guide A condo is classified as “non-warrantable” when it does not meet the criteria set by Fannie Mae or Freddie Mac, the two main government-sponsored enterprises that buy and back home loans These criteria are established to ensure that loans are secure and resellable on the secondary mortgage market