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non-warrantable condominum

 News Release  Part 3 of 3

By Jim Pendleton - Mr MortgageTM 

You'll find other non-warrantable traits, too, including failure to meet certain pre-sale requirements and length of time that the condo board may be in control in the creating.

 The presence of any of these characteristics instantly renders the developing "non-warrantable" and precludes building owners from securing conventional mortgage financing. This fact can surprise house owners who may possibly otherwise be well-qualified.

 Very good credit, excellent income, very good down payment -- it doesn't matter one particular bit. The government's not going to insure your loan if your unit is non-warrantable, hammering home just one on the most essential New Lending Truths from the last two years.

  It is not just about the buyer anymore; it's about the constructing, too.

 The same set of rule applies to another kind of condo classification; a single that's normally associated with luxury and vacationing. The condotel.

 Condotel can be a portmanteau from the words "condominium" and "hotel". It describes buildings utilized as both a apartment and a hotel, with owners keeping the rights to rent their units while they're not actually utilizing them. Most usually, condotel rentals are managed by an on-site rental organization.

 A typical condotel arrangement will be in say, Veil, where a family owns a unit in a condotel constructing around the mountain but only visits Veil 6 weeks per year. During the other 46 weeks, the on-site rental company rents the unit like a "hotel room" to other Veil vacationers.

There are many other example of such set-ups that can be found through out the country. We cover them all. 

Like non-warrantable condos, condotels cannot be financed through Fannie Mae or Freddie Mac.  Unfortunately more often typically than not, condotel buyers have found themselves up a creek; ready to close but unable to find financing.

 Thankfully, mortgage money is emerging for condotels and non-warrantables.


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