UPDATE - bought it! For the RE gurus...Non-warrantable condo
Hey everyone,
So my GF and I have been looking to buy for a while, and we think we've found the perfect place. The problem is, the building has 2 commercial tenants and 2 condo tenants, qualifying it as a non-warrantable condo. My understanding is that this makes property less stable from the view of a mortgage lender and thus any mortgage percentage rates will be increased because of the non-warrantable status. That is already of concern to me, but I was wondering if there is any opinion/advice on the wisdom of buying a non-warrantable property. Most of the places we were looking at were houses, so this hadn't come up before.
Any advice or thoughts would be much appreciated! thanks!
__________________
Grant
In the stable: 1938 Buick Special model 41, 1963 Solex 2200, 1973 Vespa Primavera 125, 1974 Vespa Rally 200, 1986 VW Vanagon Syncro Westfalia, 1989 VW Doka Tristar, 1995 Toyota Land Cruiser, 2011 Pursuit 315 OS, 2022 Tesla Y
Gone but not forgotten: 1973 VW Beetle, 1989 Porsche 944, 2008 R56 Mini Cooper S
Last edited by Tishabet; 04-28-2005 at 02:10 PM..
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