Posted by Nate(DC) on August 23, 2003 at 09:00:58:
Non-Warrantable condos are those that, for whatever reason, are not eligible for Fannie/Freddie financing. The reasons for this vary, but some possibilities are
-too many investor-owned units (this is the most common one)
-condo development is too new and hasn’t been approved by Fannie/Freddie
-development’s financials are too weak for approval
For those developments, you will need to find a lender that doesn’t sell to Fannie/Freddie to do loans there.
NT