A condo is a unit that’s a part of a condo project. Condos are owned by individuals and tend to have shared common areas regulated by a homeowner’s association. A non-warrantable condo is a condo that does not meet a list of requirements set by government-funded agencies.
What Classifies a Condo as Non-Warrantable?
· The Condo is new construction or has yet to be completed
· The developer has not yet turned over control of the HOA to the owners
· A high percentage of units is occupied by non-owners
· The community allows short-term rentals
· A single person or group owns more than 10% of the total units
· The building owner or developer is involved in litigation
Why Choose Tampa Bay Home Mortgage
Tampa Bay Home Mortgage is ready and willing to provide quality service to those in need. We treat each need in accordance to the person and their needs. Choose us today!