Posted on: 10th Apr, 2009 05:00 am
I am looking to purchase a condo and my bank says it is "non-warrantable" and they can't do it. Is there anyone that will?
Hi billborn,
Non Warrantable Condos are those which are not eligible to be sold to Fannie Mae or Freddie Mac. This is because they do not fulfill the required criteria set by Fannie Mae or Freddie Mac. In my opinion, you can contact private lenders and check out if you can get loans from them. However, I think the rate of interest would be high if you go for private lenders.
Thanks
Non Warrantable Condos are those which are not eligible to be sold to Fannie Mae or Freddie Mac. This is because they do not fulfill the required criteria set by Fannie Mae or Freddie Mac. In my opinion, you can contact private lenders and check out if you can get loans from them. However, I think the rate of interest would be high if you go for private lenders.
Thanks