March 27th, 2015
Condos have their own set of regulations because lenders view them as a higher risk. Why? As an owner, you rely on other unit owners to maintain their places and pay condo association fees.
If you plan to finance a condo, you need to know if the condo project/building is considered warrantable (follows guidelines for Fannie Mae, Freddie Mac, FHA, VA, etc.).
If a property is not warrantable, you will have a tougher time with financing.
Examples that make a condo warrantable include:
Lenders will require the property manager to complete a condo questionnaire to determine if a condo is warrantable.
Any more questions about condos? Just ask me!
Call 757-490-4726 or email me.