Getting a mortgage on a condominium (Non-warrantable Edition!)

Getting a mortgage on a condominium (Non-warrantable Edition!)

– Hey everyone, how's it going? In this episode of The Mortgage Minute, I'm gonna tell you
everything you ever wanted to know about non-warrantable condos. Let's get into it. Okay so, first off, My
name's Matthew Tortorelli and I'm a Mortgage Loan Officer in California, Arizona, and Texas. And if you like fantastic
content like this, consider subscribing. Now, let's get into it. So, non-warrantable condos. What is a non-warrantable condo? A non-warrantable condo is
a property or a condominium that Fannie Mae or Freddie
Mac will not insure. So, basically, the two
government backed entities that insure mortgages
on the secondary market find, for whatever
reason, that that property or that condominium is non-warrantable, and so they do financing on it.

buying a condo with a mortgage

Now, how do you get around that? There's two ways, you can do hard money or private money, or you
can do a portfolio product. Now, I'd recommend a portfolio product, as you'll get the closest thing to a, you know, a 30 year
fixed Fannie Mae product. In fact, I do 30 year fixed portfolio loans on non-warrantable condos all the time with between
five and 20% down. It's never a problem. Anyway, I just wanted
to bring this to you. Please feel free to give me a call if you have any questions, I would love to talk to you about your
non-warrantable condo, or whatever type of
property that you have, or whatever interest that you have. I have products for pretty much anybody with any circumstances. I look forward to speaking with you. Signing out, peace..

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