While researching condo loans, you may have come across the term Non-Warrantable Condo. This term classifies whether or not a condo project meets the qualifications needed in order for the loan to be sold to Fannie Mae or Freddie Mac.
Because they are considered more risky and less desirable, most companies can't lend mortgages for unwarrantable condos. If you've been turned down in the past for this reason, People's Home Equity may have the solution you are looking for.
We have special programs available for residents of Chicago, or anywhere else in Illinois to help them secure financing on non-warrantable condos. There are some extra qualifications to consider, so it's important that you work with a knowledgeable lender who can help ensure you meet all requirements to make the process as smooth as possible. Just a couple of things to consider are that the condo must have a value of over $200,000 and the unit will need to be owner-occupied meaning that the purchaser must live in the condo. This means that this loan is not a good option for an investor looking for a condo to rent out to a tenant.
If you've been turned down in the past, we want to help! It is our passion to help clients and help them get into their dream homes, even if the loan is a little hard to secure. We will help you through the process and all paperwork needed and provide a personalized experience.
f you are tired of getting turned down or being treated like just another number by bigger companies, call us today 708-945-3315 or fill out our quick form for a free, no obligation, customized quote.