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
A payment made after the grace period stipulated in the note, usually 10-15 days. ...
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 ...
Using a brokers time and expertise to become informed and creditworthy, then jumping to the Internet to get the loan. ...
A documentation requirement where the applicant's assets are not disclosed. ...
The sum of all interest payments to date or over the life of the loan. This is an incomplete measure of the cost of credit to the borrower because it does not include upfront cash ...
A home built entirely in a factory, transported to a site, and installed there. Manufactured homes are distinguished from 'modular,' 'panelized'' and 'pre-cut' homes. Manufactured houses ...
The sum of all interest payments to date or over the life of the loan. This is not a good measure of the cost of credit to the borrower because it does not include upfront cash payments and ...
Programs offered by some lenders under which a borrower who is able to secure a grant or gift equal to 2% of the down payment will only have to provide a 3% down payment from their own ...
The portion of the monthly payment that is used to reduce the loan balance. ...
Have a question or comment?
We're here to help.