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mjzaw
27 Posts |
 Posted - 02/11/2006 : 7:42:21 PM
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What is a non-warrantable condo and how does it differ from a regular condo.
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azbroker
2613 Posts |
Posted - 02/11/2006 : 7:54:12 PM
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See if this helps...
http://www.southwestmortgageadvisors.net/Non_Warrantable_Condos.htm |
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Corny
2159 Posts |
Posted - 02/12/2006 : 03:27:44 AM
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quote:
5. 70% of all units in the entire development must have been sold to owner occupants
That means that about 80%+ condo projects in Florida are NON-WARRANTABLE. |
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mjzaw
27 Posts |
Posted - 02/12/2006 : 04:53:31 AM
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| Many thanks. |
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azbroker
2613 Posts |
Posted - 02/12/2006 : 8:19:31 PM
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| One thing to remember too is that second home is considered o/o. |
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Corny
2159 Posts |
Posted - 02/13/2006 : 05:33:48 AM
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quote:
Originally posted by azbroker
One thing to remember too is that second home is considered o/o.
So, do I count the property with a second home addendum with the mortgage as owner occupied even though there's a for rent sign on it?
Can't tell you how very many of these I find constantly. |
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azbroker
2613 Posts |
Posted - 02/13/2006 : 07:40:35 AM
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| That would not be a second home if there was a for rent sign. I just always remind the association that just because a unit may not be a primary does not mean it is not o/o. This is much harder after the project is sold. |
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