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Non-warrantable condos have recently gotten some time in the real estate check them out
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Non-Warrantable Condos: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 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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• 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 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.
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• 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, 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 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.
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• 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 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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• 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 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/
