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: 443 About JD: JD Gonzales is a Dallas local. From the M-Streets, he frequented venues on lower Greenville growing ...
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