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What Are Non-Warrantable Condominiums
What are non-warrantable condominiums and what is the difference between warrantable and non-warrantable condos.
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3 Replies
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Fannie Mae and Freddie Mac set certain standards for condominium communities related to their operations and financial stability. If a particular condo community does not meet those standards, that condo complex will be deemed non-warrantable, and units in non-warrantable communities are often-times more difficult to obtain financing for, as the borrower has less product and term options. There is a master list of Warrantable condo communities. Your lender can help you find those communities in your area that are “warrantable.”
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@Wendy GM Lahn, Esq., MBA, LL.M. do you know any wholesale investors who would finance a condo with building violations but the condo building HOA started worm to fix the line items on the violations. It is not litigation but rather somewhat of citation. The court is not real circuit or district Court. Its the city of Chicago and often referred to as administrative hearing. It’s a joke and shame. Many people refer administrative hearing in Chicago as Kangaroo County.
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If you are able to get a condo cert, send it to me? If it doesn’t mention the violations and there is no litigation, we may be able to help here at Acra Lending.