What’s a Non-Warrantable Condo? How to buy them (3 options)

I literally have gotten 10 calls in the last week from buyers who just found out the condo they are buying is non-warrantable. Looking for my help because their Realtor told them I finance non-warrantable condos (which I do, in many cases).

This is after they have been approved, and appraisal has been done.

For whatever reason, a lot of lenders are waiting till the last minute to order the condo questionnaire. Which is stupid!

A quick piece of advice (whether you’re a loan officer or a Realtor), get the condo questionnaire ordered before you get the appraisal ordered. It will save you a lot of heartache and pain.

Don’t be that guy having to deliver crappy news a week before closing. Be proactive. [read more…]