Non Warrantable Condo Definition
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A non-warrantable condo is a piece of property that is not approved by the federal national mortgage association (Fannie Mae) or the Federal home loan mortgage Corporation (Freddie Mac). Fannie Mae and Freddie Mac are both government-sponsored enterprises that determine what is considered warrantable and non-warrantable.
A non-warrantable condo, by definition, is a condominium that does not meet the minimum eligibility standards as set by Fannie Mae and/or Freddie Mac. When condo buildings fail Fannie and Freddie’s minimum standards, it’s often for one or more of the following reasons : The project is more than 10% owned by one entity.
A non-warrantable condo, by definition, is a condominium that does not meet the minimum eligibility standards as set by Fannie Mae and/or Freddie Mac. When condo buildings fail fannie and Freddie’s minimum standards, it’s often for one or more of the following reasons.
A non-warrantable condo, by definition, is a condominium that does not meet the minimum eligibility standards as set by Fannie Mae and/or Freddie Mac. When condo buildings fail fannie and Freddie’s minimum standards, it’s often for one or more of the following reasons.
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In general, a condo or co-op unit is considered non-warrantable if: The project has yet to be completed. Its developer has not turned over control of the HOA to the owners. The community allows short-term rentals. A single person or entity owns more than 10% of all units. It’s in a project.
Non-warrantable condo that is an investment property.. loans, which aren’t on the residential mortgage spectrum at all by definition. There are. Wells Fargo would also prefer a simpler and narrower definition of a qualified residential mortgage.
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Definition of non-warrantable condo: A condominium that falls short of adhering to specific requirements set by the lender.
Define warrantable. warrantable synonyms, warrantable pronunciation, warrantable translation, English dictionary definition of warrantable. n. 1. An order that serves as authorization, especially: a.. It offers broader qualification guidelines when compared to most standard warrantable condo.
Definition of "Warrantable Condo" Phil Moody, Real Estate agent berkshire hathaway homeservices florida Network Realty A condominium project with features that lenders view as favorable in terms of their risk exposure on loans secured by individual condo units.