A condominium is classified as warrantable condo if over 51% of the occupants of the condo complex are owners who own the condominium unit as a primary owner-occupant condominium and not rent the condominium out. If the owners of the condo complex rent out 51% or more of the condominium units as a rental, the condo complex is classified as non-warrantable condo complex. You cannot get a government-back mortgage loan or conventional loan on a non-warrantable condo unit. You can only get a portfolio or non-QM loan on non-warrantable condos. This is why a condominium questionairre is important. In the condo questionairre, the HOA manager will state the number of owner-occupant versus rental condominium units. A warrantable condo complex can become a non-warrantable condo complex and a non-warrantable condo complex can turn into a warrantable condo complex. Here is an informative article about non-warrantable condominium units from GCA Mortgage Group
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