You will be pleased to hear that there we have mortgage programs available that will allow you to finance non-warrantable condos.
What is a non-warrantable condo?
Any condo that does not meet standards set by Fannie Mae or Freddie Mac is considered non-warrantable.
What might cause a condo to be non-warrantable?
Any property that is still under development would be considered non-warrantable. Also, any condo complex that is considered a “condotel”, or offers timeshares is considered non-warrantable. Also, fractional ownership properties would fit into this category, as well as those that require you to join an organization or club, such as a golf club.
What can I do, if I want to buy a non-warrantable condo?
Condos that do not meet the Fannie Mae or Freddie Mac guidelines are considered non-warrantable and homebuyers need to use other mortgage programs to obtain financing for their desired condo. Luckily, Lisa Home Mortgage has loan programs available to meet this need.