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January 25, 2010
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EMMETT
Cyrese, the issue you’re bumping into is whether or not the property is “warrantable” — in other words, can the mortgage company giving you the loan guarantee to Fannie Mae that the condo project — not just the unit you’re buying — meets their guidelines.
Search for non-warrantable condo lenders. My favorite one is AmTrust (they bought Ohio Savings Bank, which had the best non-warrantable program around) — but not all mortgage brokers have access to AmTrust’s programs.
Comment by Jordan G — January 27, 2010 @ 5:45 am