Financing A Non Warrantable (Non-Conforming) Condominium

Finding out that the condo you’re looking to buy is considered to be a non-warrantable can be heartbreaking.

Non Warrantable condominiums fall outside guidelines set by Fannie Mae or Freddie Mac

Here are some of the reasons condominiums can be non warrantable:

  • Newly constructed Condominiums
  • High delinquency rate for home owner’s association dues. (More than 15% of your neighborhood is 60 days or more past due)
  • The Association is involved in a lawsuit
  • Single entity owns 10% or more of the units
  • More than 20% of space is used for commercial purposes
  • Project is a legal Non-conforming use (Can’t be rebuilt due to zoning)
  • Community has Inadequate insurance

 

Call or text  Brent Diebert at 614-571-3554 with questions or to apply today

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