Are you hacondoving problems purchasing a “non-warrantable” condominium?  If so, First Independence Bank offers a viable solution.  For clarity, let’s first offer a working definition of what constitutes a “non-warrantable” condominium.

A non-warrantable condominium is a unit that doesn’t meet the financing criteria/guidelines of the Federal Housing Administration (FHA)/ Housing and Urban Development (HUD), Fannie Mae or Freddie Mac.  All of these entities are the nation’s largest and most popular mortgage agencies that provide liquidity – access to funds on reasonable terms – to thousands of banks, savings and loans, and other financial entities that make loans to individuals seeking to finance a certain housing structure.

In general, a condo unit can be categorized as non-warrantable for any of the following reasons:  it has yet to be completed or is newly constructed, inadequate insurance coverage, the developer has not relinquished control of HOA, one entity owns more than 10 percent of all units, high percentage of condos are being rented, some questionable “financial health” circumstances with the condominium association inclusive of a high delinquency percentage of its dues, involved in litigation regarding safety and structural, and for several other reasons.

For would-be buyers of non-warrantable condos, finding the right lender to seal the deal can be a great challenge. However, First Independence is up for the challenge, as it offers buyers an opportunity to purchase a non-warrantable condo through a comprehensive Portfolio Non-Warrantable Condo Program.

This program means that First Independence, as a portfolio mortgage lender, will not sell its customers’ mortgage loans to a secondary market lender.  In other words, First Independence will process, complete, manage, and keep this type of loan in-house.  As a result, a Portfolio Non-Warrantable Condo loan doesn’t have to meet the guidelines of FHA/HUD, Fannie Mae, Freddie Mac, or even Veterans Affairs (VA), if applicable.

Additionally, lending is available for borrowers who are a minimum of two years out of bankruptcy or foreclosure.  First Independence’s Portfolio Non-Warrantable Condo Program is offered in Oakland, Wayne, Macomb, Livingston, and Washtenaw Counties.
If you’re unsure of the language, terms/conditions, advantages, or any other information associated with buying a condo through a Portfolio Non-Warrantable Condo Program, please call and speak with Andy Ruedisueli (NMLS #771038), Mortgage Loan Officer at 586-416-5750, ext.2107.  Don’t let the fact that the condo that you want, and its “non-warrantable” classification, deter you from seeking all viable ways to buying it.  First Independence is a knowledgeable lender that can explore all options to help you purchase that condo of your dreams, even if it’s non-warrantable.

First Independence Bank believes that consumers should be knowledgeable in all banking and financial matters, including mortgage loans and refinancing programs.  Established in 1970 as a community development financial institution, First Independence continues to make dreams become realities for its community, citizens and businesses.  .  First Independence Bank is an equal opportunity lender and member of the Federal Deposit Insurance Corporation.

For more information on all banking and financial products and services offered by First Independence Bank at its three area branches, call 313.256.8400, or log on to www.firstindependence.com.

 

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