Non warrantable? No problem.
Often, a condominium is considered non warrantable when phases of the condo development are not complete.
Reasons a condominium might be considered non warrantable:
- Less than 90% of the total units have been conveyed to owners
- A single person or entity owns more than 10% of the units
- Developments in which more than 20% of units are commercial or mixed use
- Developments that have a higher concentration of renters
- All units and common areas are not complete
- The development is subject to future phases and construction
- The developer has not turned over control of the association to the unit owners
- Primary Residence or Second Home
- Maximum Loan amount up to $1,500,000
- Fixed-rate and adjustable-rate options
- Purchase with as little as 10% down
Non-Warrantable Condominium 90% LTV: *The Non Warrantable Condominium 30-year fixed annual percentage rate (APR) is 3.864% and based on a note rate of 3.750% with zero points and $694.67 principal and interest payments. Example based on a purchase transaction of an owner-occupied single-family residence in Grand Rapids, MI, with a loan amount of $150,000, credit score of 740, down payment of 10% with tax and insurance escrows. Payment amount shown does not include taxes and insurance premiums. The actual payment amount will be greater. Interest rates as of December 30, 2021 and subject to change without notice. APR is for illustrative purposes only and your interest rate may vary. This is not a commitment to lend. All loans are subject to credit review and approval.