NON-WARRANTABLE CONDO Mortgages in The Carolinas & Florida
THE CONDO DOESN'T CHECK THE BANK'S BOXES. LET'S CHECK SOME OTHER ONES.
FOUND THE CONDO. LOVE THE CONDO. THEN THE LENDER SAYS THE BUILDING DOESN'T QUALIFY.
UGHHHHHH.
A NON-WARRANTABLE CONDO IS A CONDOMINIUM THAT DOESN'T MEET CERTAIN CONVENTIONAL LENDING GUIDELINES. THAT DOESN'T AUTOMATICALLY MEAN THE PROPERTY CAN'T BE FINANCED — IT MAY JUST REQUIRE A DIFFERENT MORTGAGE OPTION.
THE PRACTICAL MORTGAGE SOLUTION HELPS BUYERS AND REAL ESTATE INVESTORS EXPLORE NON-WARRANTABLE CONDO LOAN OPTIONS ACROSS SOUTH CAROLINA, NORTH CAROLINA AND FLORIDA. WE WORK WITH PORTFOLIO AND SPECIALTY LENDING OPTIONS TO HELP FIND FINANCING WHEN A TRADITIONAL CONDO MORTGAGE DOESN'T FIT.
What is a NON-WARRANTABLE CONDO Mortgage?
A NON-WARRANTABLE CONDO IS A CONDO THAT DOESN'T MEET CERTAIN GUIDELINES REQUIRED FOR SOME TRADITIONAL OR CONFORMING MORTGAGE PROGRAMS.
THE ISSUE MAY HAVE LESS TO DO WITH YOU AS THE BORROWER AND MORE TO DO WITH THE CONDO DEVELOPMENT ITSELF.
TRANSLATION? YOU MAY QUALIFY. THE CONDO IS THE COMPLICATED ONE.
A CONDO DEVELOPMENT MAY BE CONSIDERED NON-WARRANTABLE FOR A NUMBER OF REASONS. DEPENDING ON THE PROPERTY AND LOAN PROGRAM, THESE MAY INCLUDE: A HIGH NUMBER OF INVESTOR-OWNED UNITS, SHORT-TERM RENTALS OR VACATION RENTALS, CONDOTEL OR HOTEL-LIKE OPERATIONS, ONGOING LITIGATION,
THE DEVELOPMENT'S FINANCIAL HEALTH AND MANY MORE REASONS.
WHY IS A CONDO NON-WARRANTABLE?
BASICALLY, CONDOS COME WITH THEIR OWN REPORT CARD.
SOMETIMES THE LENDER DOESN'T LIKE THE GRADES.
ARE YOU A REALTOR?
WE'D LOVE TO SHOW YOU HOW THE PRACTICAL MORTGAGE SOLUTION CAN FAST-TRACK YOUR CLOSE...