So you're pre-approved, you're excited to find that perfect condo, and you think you've found the perfect spot to drop an offer on. Depending on which lender you use, you could save yourself a lot of time and money if you find out a very important question right off the bat. Is the complex you're looking to purchase your condo in considered warrantable?
Let's break it down:
A non-warrantable condo is a condominiumproperty in which the loan is not eligible to be sold to Freddie Mac or Fannie Mae, and as such, they are considered by most banks to be more “risky.” In a nut shell, unless you're paying cash, you're going to have a much more difficult time obtaining a loan from your lender.
One helpful website to help find more information on your hopeful condo is: https://entp.hud.gov/idapp/html/condlook.cfm
Happy condo hunting!
Author:JD Gonzales Phone: 214-450-2611 Dated: September 14th 2016 Views: 380 About JD: JD Gonzales is a Dallas local. From the M-Streets, he frequented venues on lower Greenville growing ...
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Rogers Healy and Associates Real Estate is a DFW based residential and commercial real estate company that was founded in 2007 by Rogers Healy. RHAdfw is passionate about developing long lasting relationships with clients while representing them to buy, sell or lease any home in DFW.