Fannie Mae and Freddie Mac set the guidelines for conventional loans and FHA for FHA loans and VA for VA loans. For a condo to qualify for a loan, it must meet Fannie Mae, Freddie Mac, FHA, or VA requirements.
What is a Warrantable Condo
The term “Warrantable” means a condominium complex has features that lenders view as favorable in minimizing their risk exposure. These features protect a complex from future hazards and situations that could threaten the value of the individual units. Warrantable refers to the condominium complex as a whole, not the individual units.
Features of a Warrantable Condo
For a condominium complex to be considered “Warrantable,” it generally must meet the following requirements:
Steps to determine if a Condo is Warrantable
There is no clearinghouse that lists warrantable or non-warrantable condo complexes or projects. However, there are several steps that can be taken to determine the eligibility and include:
Options for Non Warrantable Condos
Just because a condominium complex is Non-Warrantable does not mean you will not be able to find financing. To see our financing for Non-Warrantable condos, Click Here!