Posted on: 21st Jan, 2009 11:20 am
the difference between a warrantable & non-warrantable condo...?
Hi guest,
Warrantable condominium projects are fully completed. The common areas are insured, and most of the units are owner-occupied and no one person owns more than 10% of the units. Warrantable Condos receive better rates and terms than loans on condos which are Non-Warrantable. Non-warrantable condos are not eligible to be sold to Fannie Mae or Freddie Mac.
Warrantable condominium projects are fully completed. The common areas are insured, and most of the units are owner-occupied and no one person owns more than 10% of the units. Warrantable Condos receive better rates and terms than loans on condos which are Non-Warrantable. Non-warrantable condos are not eligible to be sold to Fannie Mae or Freddie Mac.