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 $484,350
- Conforming fixed with various loan terms available
- Purchase with as little as 10% down
Non-Warrantable Condominium 90% LTV: *Interest rates as of November 6, 2020 and subject to change without notice. Annual percentage rates (APRs) based on an owner-occupied single family residence in Grand Rapids, Michigan with a loan amount of $150,000, credit score of 740 and down payment of 3% with tax and insurance escrows. The 30-year fixed rate APR is 2.800% and based on a note rate of 2.750% with zero points and $612.36 principal and interest payments. Payment amounts shown does not include taxes and insurance premiums. The actual payment amount will be greater. This is not a commitment to lend. All loans are subject to credit review and approval.