In other words, did Fannie Mae, Freddie Mac, the FHA or VA already approve it? If not, it doesn’t mean the condo isn’t warrantable. If you are working with a real estate agent, or even your lender, they can help you determine if a condo is warrantable. If you don’t, then you have to do some more digging. If you find your development’s name on the list, you are in good shape. You can check the FHA list here and the VA list here.

HUD (for FHA loans) and the VA have lists you can consult to determine if a condo is warrantable. So how do you find out which condos are warrantable? Check the Lists If a condo isn’t warrantable, you can’t use Fannie Mae, Freddie, Mac, FHA, or VA financing on it. If they don’t like what the association has to offer, lenders consider the condo an unwarrantable condo. In order to do that, they take a close look at the association that runs the development. This means that the lender has to take all other buyers into consideration as well. The exterior of the property, as well as all common areas, are shared amongst all condo owners in the development.

When you a condo, you buy the interior unit.

Did you know that lenders look at a lot more than just your financial qualifications when you buy a condo? That goes for any type of property really, but condos have a special characteristic that makes lenders nervous about giving you a loan.Ĭompare Offers from Several Mortgage Lenders.