Non Warrantable Condo Definition

Warrantable definition, capable of being warranted. See more.

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Michael Fehrenbacher, United Funding, Batavia - No Income, No Asset Loans Contents Home equity loans -warrantable condo. definition meet lender evaluating condominium developments page 1 of 6 2/21/2013 Condo & PUD [.] Definition of Warrantable Condo in the Financial Dictionary. Loans on units in warrantable condos receive better terms than loans on units in non-warrantable condos.

Wells Fargo would also prefer a simpler and narrower definition of a qualified residential mortgage. "I am a portfolio wholesale lender out of Dallas that specializes in jumbos, condos, and.

 · For clarity, let’s first offer a working definition of what constitutes a “non-warrantable” condominium. A non-warrantable condominium is a unit that doesn’t meet the financing criteria/guidelines of the Federal Housing Administration (FHA)/ Housing and Urban Development (HUD), Fannie Mae or Freddie Mac.

Non-warrantable means the condos do not meet guidelines by Fannie Mae or Freddie Mac. If you are purchasing a condo which is non-warrantable, you may have put a larger down payment or pay an interest rate above market rate.

A non-warrantable condo refers to a condo project that is not eligible to be used as collateral for loans sold to Fannie Mae (FNMA). In other words, Fannie Mae has specific requirements for condo projects to be eligible for lending and condos that do not meet their criteria are referred to as "non-warrantable".

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A non-warrantable condo is a condominium property in which the loan is not eligible to be sold to Freddie Mac or. More mortgages for condo/co-op owners. Buying a condo is a lot like purchasing a "regular" home, but with one big difference – mortgages are tougher to come by.

 · If possible, instead of the non-warrantable condo, consider looking for a different condominium that is warrantable, i.e., approved by Fannie Mae, Freddie Mac, the FHA or the VA. Not only will this make more loan options available to you, but it may benefit you in the long run to purchase or invest in a warrantable condo.

About Non-Warrantable Condos 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. Warrantable definition, capable of being warranted.