homeowers association: What is a Non Warrantable Condo?
- 06/21/08 02:48 AM
Non Warrantable Condos are not eligible to be sold to Fannie Mae or Freddie Mac because they DO NOT fit into one of the following three classes: CLASS I 1. Developers control of the homeowners association has been turned over to the condo owners 2. Project is not subject to additional phasing or add-ons which have not yet been completed 3. All common elements and amenities must be fully installed, completed and in operation 4. 70% of all units in the entire development must have been sold and or legally obligated to close 5. 70% of all units in the entire development must have been sold to … (13 comments)
Non Warrantable Condos are not eligible to be sold to Fannie Mae or Freddie Mac because they DO NOT fit into one of the following three classes:;)
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