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When purchasing a condo or co-op, the lender is underwriting both the borrower and the building. The lender must verify the fiscal strength of the building into which you’re buying, and not all developments pass the test. Many buildings do not meet the criteria of the big banks, which can make obtaining a mortgage more challenging. The building may be considered non-warrantable if any of the following exist:
In order to obtain a mortgage on a non-warrantable condo or co-op, you’ll need to speak with a specialty lender such as BOE Mortgage. We will review the building characteristics and give you a quick read on your financing options.