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Non-Warrantable Condo Financing
NJ Lenders Corp.
Mortgage lenders use a different set of rules when you buy a condo. It is not just your creditworthiness the lender has to consider when you apply for a mortgage to purchase a Condo. They must also confirm that the condominium development has a strong financial and management structure.
Not all condominium developments meet the strict Fannie Mae and Freddie Mac guidelines that allow them to be classified as "warrantable". Some condominium developments do not meet the minimum standards and are designated non-warrantable.
Non-warrantable condos are more challenging to finance. When buying a condo, it is important to ask the real estate agent, developer, or mortgage lender about the building's warrantability before submitting an offer.
A condo is considered warrantable if:
A condo unit is considered non-warrantable if:
The Financial Risks of Buying a Non-Warrantable Condo
Before paying a higher rate and larger down payment, consider these hurdles and potential red flags. Read the entire article by clicking here.
With flexible options, program expertise and superior service, we’ll work with you from application to close to ensure a smooth loan process and create a loan program that meets your financial needs and goals.