4. • Non-warrantable condos have recently gotten
some time in the real estate spotlight due to the
recent upheaval in the Freddie Mac and Fannie
Mae areas. These are condominiums that cannot
be sold to either institution because they do not
fit into the requirements of a sellable building.
They are often considered "high risk" purchases
because of their inability to meet warrantable
requirements, but can have great rewards as
well.
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6. • The major issue that many buyers have with
non-warrantable condos is that they don't
appreciate in value as rapidly as their
warrantable counterparts usually do. Since the
ease of purchasing a warrantable condo can
play a crucial role in real estate decision-making,
owners of non-warrantable condos usually sell
their condos at a huge discount.
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8. • For a first time homeowner, a non-warrantable
condo is a great option, especially if you want
to live in that condo for a long term period.
After approximately 5 years, it's also possible
that your condo can become warrantable as
well. This means that your condo will rapidly
appreciate in value, and you will get a higher
profit than what you would have gotten if you
had bought it as a warrantable condo.
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9. • Getting a non-warrantable condo can be difficult if you
don't have the immediate funds on hand, but with a little
strategy and a lot of research, it can happen.
• Most warrantable condos will cost a pretty penny, but
will have lower rates than non-warrantable condos,
since banks find them to be less of a risk. It's a lot
easier to get a loan to buy a warrantable condo, since
many banks have a strict policy against loaning money
for non-warrantable condos. Since finding financing for
non-warrantable condos often means extremely high
rates, it's important for people choosing to buy a non-
warrantable condo to have a hefty down payment
available if possible.
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11. • The best way to get a non-warrantable condo loan
is to find a bank which specializes in them. Bring a
good credit score, some assets to show them, and
as much proof of income as possible. The best
way to find a non-warrantable condo loan is to ask
a realtor about how to finance the purchase. Nine
times out of ten, they will know of a local bank that
finances this particular genre of condo. Getting a
loan for this kind of condo is difficult, so don't be
too let down if you get refused from the first bank
you approach.
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12. • The future of non-warrantable condos remains
uncertain. Loans will become increasingly
difficult to receive, but at the same time, discount
housing will become increasingly popular. There
is also a chance that Freddie Mac and Fannie
Mae will both be reformed in a way to make all
condos warrantable. In the slim chance that this
may happen, many buyers of non-warrantable
condos will be very thankful that they made that
decision to buy.
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13. • The future of non-warrantable condos remains
uncertain. Loans will become increasingly
difficult to receive, but at the same time, discount
housing will become increasingly popular. There
is also a chance that Freddie Mac and Fannie
Mae will both be reformed in a way to make all
condos warrantable. In the slim chance that this
may happen, many buyers of non-warrantable
condos will be very thankful that they made that
decision to buy.
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