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Tips When Buying A Condo
Condominium buying and selling, things to know.
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 strong financials 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:
No single entity owns more than 10% of the units in the project, including the developer
At least 51% of the units are owner-occupied
Fewer than 15% of the units are in arrears with their association dues
The homeowners association (HOA) is not named in any lawsuits
Commercial space accounts for 25 percent or less of the total building square footage
A condo unit is considered non-warrantable if:
The project has yet to be completed
Its developer has not turned over control of the HOA to the owners
The community allows short-term rentals
A single person or entity owns more than 10% of all units
It's in a project where the majority of units are rented to non-owners
Lack of proper reserves
More than 15% of the units are 60 days in the arrears on their HOA fees
I am an experienced Realtor working in the Greater Hudson Valley Region which includes both Rockland and Orange County. My goal is to make my client's real estate experience a happy one. Because succe....