Warrantable Condo
Definition of "Warrantable Condo"
A condominium project with features that lenders view as favorable in terms of their risk exposure on loans secured by individual condo units. The requirements of warrantability include such features as the following: the project (including all common areas) is fully completed and the common areas are insured, the Homeowners Association has been controlled by unit owners (as opposed to the developer) for some period, most units are owner-occupied, and no one person owns more than 10% of the units. Loans on units in warrantable condos receive better terms than loans on units in non-warrantable condos.
Popular Mortgage Terms
An upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., '3 points' means a charge equal to 3% of the loan ...
A mortgage lender that sells all the loans it originates in the secondary market. ...
A plan purporting to protect FHA homebuyers against property defects. ...
A federal agency that guarantees mortgage securities that are issued against pools of FHA and VA mortgages. ...
Rates and points quoted by loan providers. You cannot safely assume that mortgage price quotes are always timely, niche-adjusted, complete, or reliable. Timeliness: Most mortgage lenders ...
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A payment made after the grace period stipulated in the note, usually 10-15 days. ...
To define a home equity line of credit, we can also take a look at how credit cards work. Similarly to credit cards, home equity lines of credit are sources of funds that can be accessed ...
The largest loan size permitted on a particular loan program. For programs where the loan is targeted for sale to Fannie Mae or Freddie Mac, the maximum will be the largest loan ...
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