Tuesday, December 17, 2013 - Article by: nationwidelenderforyou - AFG -
We offer loans on non warrantable condos NATIONWIDE. Call us 880 315 8803, 7 days a week or visit us at www.bartprequalifies.com 7 days a week. A non-warrantable condo, by definition, is a condominium that does not meet the minimum eligibility standards as set by Fannie Mae, Freddie Mac or FHA. Because FHA, Fannie and Freddie will not purchase mortgages secured by Non Warrantable condos, they are considered to be more risky, and therefore the interest rate and down payment are higher than a traditional loan. When condo buildings fail Fannie and Freddie's minimum standards, it's often for one or more of the following reasons:1. Developer control of the homeowner's association has not been turned over to the condo owners.2. Project is subject to additional phasing or add-ons, which have not yet been completed.3. All common elements and amenities must are not fully installed, completed and or in operation4. 70% of all units in the entire development are not sold and or legally obligated to close.5. 70% of all units in the entire development are not sold to owner occupants.6. Homeowners association has been controlled by the unit owners (other than the developer) for less than two years7. No more than 15% of the current unit owners are more than one month delinquent in payment of homeowners dues or assessments.To determine if a condo is non warrantable or non warrantable, a condo questionnaire must be completed by the HOA. If you are buying a condo, we loan on FHA, VA, Fannie Mae, and Freddie approved buildings along with NON WARRANTABLE condos and HI RISES NATIONWIDE, call us at 800 315 8803, 7 days a week or visit us at www.bartprequalifies.com
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