What are non-warrantable condos anyway?
If you have found your way to our site chances are you have already come across this term, but even some of the most seasoned mortgage and real estate professionals lack an understanding of what this term actually means by definition.
A non-warrantable condo refers to a condo project that is not eligible to be used as collateral for loans sold to Fannie Mae (FNMA). In other words, Fannie Mae has specific requirements for condo projects to be eligible for lending and condos that do not meet their criteria are referred to as "non-warrantable". Condo projects are considered to be non-warrantable for many different reasons that can range from the percentage of owners that occupy their units, the percentage of owners that are delinquent on their HOA dues, a single person or entity that owns more than 10% of the project or in many cases an active litigation lawsuit among other things.
Non-Warrantable condos typically present a challenge in financing due to the fact that Fannie Mae purchases a vast majority of commercially available mortgages in the country. This includes most of the loans made by major banks, credit unions and conventional mortgage lenders.
If you are looking to purchase or refinance a non-warrantable condo it is recommended to select your lender based upon specific experience in working with these types of properties before wasting time and money by attempting this type of financing with traditional lenders.
If you are looking for financing for a non-warrantable condo or are curious if your property is considered to be non-warrantable, please feel free to contact us for free consultation.
Coast to Coast Funding is the leading mortgage company specializing for financing non-warrantable condo. We are a direct/wholesale lender serving the entire state of California. Check out the homebuyer or mortgage broker sections to find out how we can help!
Company NMLS: 92145
Company BRE: 01524242
Individual NMLS# 498630
Individual BRE# 01486490
1 Orchard Road, Suite 235
Lake Forest, California 92630
Phone: (877) 256-0948
Coast 2 Coast Funding Group strives to ensure that its services are accessible to people with disabilities. Coast 2 Coast Funding Group has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.
Coast 2 Coast Funding Group makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server. The software allows condolitigation.com to improve its compliance with the Web Content Accessibility Guidelines (WCAG 2.1).
The Coast 2 Coast Funding Group accessibility menu can be enabled by clicking the accessibility menu icon that appears on the corner on the page. After triggering the accessibility menu, please wait a moment for the accessibility menu to load in its entirety.
Coast 2 Coast Funding Group continues its efforts to constantly improve the accessibility of its site and services in the belief that it is our collective moral obligation to allow seamless, accessible and unhindered use also for those of us with disabilities.
Despite our efforts to make all pages and content on Coast 2 Coast Funding Group website fully accessible, some content may not have yet been fully adapted to the strictest accessibility standards. This may be a result of not having found or identified the most appropriate technological solution.
If you are experiencing difficulty with any content on Coast 2 Coast Funding Group website or require assistance with any part of our site, please contact us during normal business hours as detailed below and we will be happy to assist.
If you wish to report an accessibility issue, have any questions or need assistance, please contact us by sending an email to: firstname.lastname@example.org