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non-warrantable condominum

News Release Part 2 of 3

By Jim Pendleton - Mr MortgageTM 

This is the second pat in the series on:

Condominiums that Do not FIT into one particular of these three classes are regarded as NON-WARRANTABLE CONDOS

CLASS II

 1. Recent or present condominium conversions (from apartments)

2. House owners association may be controlled by the unit owners (other than the developer) for less than two years

3. Venture is not topic to phasing or add-ons which have not yet been concluded

4. All frequent elements and amenities are fully installed, completed and in operation

5. 70% on the units in the total improvement must have been marketed and/or legally obligated to close

6. 70% in the units in the whole improvement should are already offered to owner occupants

7. No more than 15% with the existing unit owners are in excess of just one month delinquent in payment of home owners dues or assessments

 CLASS III

 1. Home owners Association may be controlled by unit owners (other than developer) for at least one year two. Undertaking just isn't subject to phasing or add-ons three. All prevalent amenities are completely installed, concluded, and in operation 4. 90% from the models are already marketed (owner-occupancy of a minimum of 60%)

 A Condominium QUESTIONNAIRE Need to BE Finished BY THE MANAGEMENT TO DETERMINE Task ELIGIBILITY

 A non-warrantable condominium, by definition, can be a condominium that does not meet the minimum eligibility standards as set by Fannie Mae and/or Freddie Mac.

 Apartment buildings that fail Fannie and Freddie's minimum standards are typically described by just one or additional in the following traits become non-warrantable condominum:

1. The undertaking is greater than 10% owned by one entity

2. 50% or additional with the venture units are rentals

3. In excess of 20% in the building square footage may be utilised for commercial purposes

 4. The venture is filed with the SEC and is sold as an investment opportunity

 5. The undertaking is "new" and grants concessions and/or abatements not listed around the settlement statement

All the above will be what makes a non-warrantable condominum.

continued ...

 For more info call 631-451-7400 or APPLY HERE. 

 

non warrantable condominum

 

 

 
Special Note               

Financing Non Warrantable condo's requires an expert.

Ask our client:    

"I looked all over for someone that would help me with my non-warrantable condo purchase- I contacted Mr Mortgage and they went to work and got my purchase done in three weeks. Amazing! Highly recomend Jim Pendleton, good guy to work with."

D. Hawthorne, CT