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http://www.finance1online.com/non-warrantable-condo/

Non-Warrantable Condos:

Why They Are Bargains, and How To Buy Them

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Why They Are Bargains, and How To Buy Them

http://www.finance1online.com/non-warrantable-condo/

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• Non-warrantable condos have recently gotten

some time in the real estate spotlight due to the

recent upheaval in the Freddie Mac and Fannie

Mae areas. These are condominiums that cannot

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be sold to either institution because they do not

fit into the requirements of a sellable building.

They are often considered "high risk" purchases

because of their inability to meet warrantable

requirements, but can have great rewards as

well.

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• The major issue that many buyers have with

non-warrantable condos is that they don't

appreciate in value as rapidly as their

warrantable counterparts usually do. Since the

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warrantable counterparts usually do. Since the

ease of purchasing a warrantable condo can

play a crucial role in real estate decision-making,

owners of non-warrantable condos usually sell

their condos at a huge discount.

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• For a first time homeowner, a non-warrantable

condo is a great option, especially if you want

to live in that condo for a long term period.

After approximately 5 years, it's also possible

that your condo can become warrantable as

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that your condo can become warrantable as

well. This means that your condo will rapidly

appreciate in value, and you will get a higher

profit than what you would have gotten if you

had bought it as a warrantable condo.

• Getting a non-warrantable condo can be difficult if you

don't have the immediate funds on hand, but with a little

strategy and a lot of research, it can happen.

• Most warrantable condos will cost a pretty penny, but

will have lower rates than non-warrantable condos,

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since banks find them to be less of a risk. It's a lot

easier to get a loan to buy a warrantable condo, since

many banks have a strict policy against loaning money

for non-warrantable condos. Since finding financing for

non-warrantable condos often means extremely high

rates, it's important for people choosing to buy a non-

warrantable condo to have a hefty down payment

available if possible.

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• The best way to get a non-warrantable condo loan

is to find a bank which specializes in them. Bring a

good credit score, some assets to show them, and

as much proof of income as possible. The best

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way to find a non-warrantable condo loan is to ask

a realtor about how to finance the purchase. Nine

times out of ten, they will know of a local bank that

finances this particular genre of condo. Getting a

loan for this kind of condo is difficult, so don't be

too let down if you get refused from the first bank

you approach.

• The future of non-warrantable condos remains

uncertain. Loans will become increasingly

difficult to receive, but at the same time, discount

housing will become increasingly popular. There

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housing will become increasingly popular. There

is also a chance that Freddie Mac and Fannie

Mae will both be reformed in a way to make all

condos warrantable. In the slim chance that this

may happen, many buyers of non-warrantable

condos will be very thankful that they made that

decision to buy.

• The future of non-warrantable condos remains

uncertain. Loans will become increasingly

difficult to receive, but at the same time, discount

housing will become increasingly popular. There

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housing will become increasingly popular. There

is also a chance that Freddie Mac and Fannie

Mae will both be reformed in a way to make all

condos warrantable. In the slim chance that this

may happen, many buyers of non-warrantable

condos will be very thankful that they made that

decision to buy.

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http://www.finance1online.com/non-warrantable-condo/