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Condos are an appealing choice for those seeking property with lower maintenance needs and access to attractive amenities. The mortgage process and lending requirements for condos differ slightly from those for traditional single-family homes. At Atlantic Mortgage & Finance Corp, we understand these nuances and are here to assist you every step of the way.

What is a Condo?

A condominium, or condo for short, refers to an individual residential unit that’s privately owned, situated within a larger structure or complex. For those considering Atlantic Mortgage & Finance Corp, a condo represents an appealing option for owning a private living space within a communal building. Condominium complexes typically feature a range of shared amenities, including parking garages, communal lounges, fitness centers, and outdoor recreational areas. This setup affords residents the luxury of their own personal space alongside access to collective amenities, blending private homeownership with the advantages of community living.

What are Condo Fees? 

Condo owners are responsible for paying condo fees, also known as common charges, which cover the expenses associated with maintaining the common areas in the complex. These fees are mandated by the Homeowners Association (HOA) and are due on a monthly basis.

What is the Difference Between a Warrantable and a Non-Warrantable Condo?

Warrantable condos meet the criteria set by Fannie Mae and Freddie Mac, facilitating the financing process. Conversely, non-warrantable condos fall outside these established lending guidelines, posing challenges in obtaining financing.
 

A mortgage lender will assess the condominium complex to ascertain whether it is warrantable or non-warrantable, a distinction that affects the loan options available to you.

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What are Condo Building Requirements? 

Lenders consider a variety of critical aspects when evaluating if a condo is warrantable or non-warrantable, including:

  • Owner Occupancy Rate: The ratio of units inhabited by their owners compared to those rented out.
  • Single Entity Ownership: The scenario where a single party owns more units than is generally permitted, often exceeding 10% in smaller developments or 20% in larger ones.
  • Litigation: Any legal disputes involving the condo association that could impact the financial well-being of the complex.
  • Budget and Reserves: The fiscal health of the condo association’s budget and its savings for upkeep and unforeseen repairs.
  • Insurance: The extent and thoroughness of the insurance held by the condo association.
  • Commercial Space: The proportion of the complex allocated to commercial use as opposed to residential living.
  • Delinquency Rates: The rate at which condo owners are behind on their association fees.
  • Project Completion: The status of the condo development, particularly if it is fully completed or if there are still sections under construction.

These considerations enable lenders to gauge the financing risk of a condo purchase and determine its eligibility for warrantability.

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Why Choose Us?

With our extensive 20 plus years of experience in mortgage financing, we excel in delivering financing options tailored to suit our customers’ needs. Discover why people love working with us by exploring our outstanding reviews.

By collaborating with a wide range of investors and lenders, we proudly offer a diverse range of loan programs. Our utmost aim is to provide borrowers with the most optimal financing solutions available.

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