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I'm looking at buying a condo and it is unwarrantable because one owner owns 3 out of 24 units. Does anyone have any experience buying/lending on a non-warrantable condo? If this is the only issue and I am putting 10% percent down, what kind of hit to the rate am I going to take?
For people who have bought them, how hard is it to unload them?
I'm looking at buying a condo and it is unwarrantable because one owner owns 3 out of 24 units. Does anyone have any experience buying/lending on a non-warrantable condo? If this is the only issue and I am putting 10% percent down, what kind of hit to the rate am I going to take?
For people who have bought them, how hard is it to unload them?
I have heard from a friend who buys/sells RE that obtaining a portfolio loan through a credit union is one possible way to go. YMMV
Selling seems to present more issues, frankly. Less buyers, naturally.
You're going to go with a Conventional loan, hopefully you are buying as an owner-occupant?
Rate will be higher than normal. YMMV depending on other aspects of the application.
Yes owner occupant. I talked to a broker and he said it was possible to get an exception for this item if there were no other issues. How likely is this to occur?
Yes owner occupant. I talked to a broker and he said it was possible to get an exception for this item if there were no other issues. How likely is this to occur?
These days, fairly likely. Lending has opened up for non-warrantable condos. But get the HOA Certification to the lender and let them do ALL the legwork before your mortgage contingency expires on the contract.
These days, fairly likely. Lending has opened up for non-warrantable condos. But get the HOA Certification to the lender and let them do ALL the legwork before your mortgage contingency expires on the contract.
Do you mean likely to get a portfolio loan or likely to get frannie/freddie loan?
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