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  • Writer's pictureJesse Ledbetter

Can I get a loan on my condo?

Today my appraisal report revealed information that the lender should have known before they ever hired me to perform an appraisal - the condo I was performing the appraisal for was "Non-Warrantable." Weeks of work, hundreds of dollars, and the potential for the lender to be on the hook for a half a million dollars in debt because someone didn't read.

A condo project is not warrantable if it features one of the following restrictions:

  • Include manufactured homes.

  • Require membership, such as a golf club or country club.

  • Operate as a hotel or motel, also known as a condotel.

  • Be part of a continuing care facility.

  • Be party to a lawsuit.

  • Allow single person or business to own more than two units in a development (for developments with 20 units or less) or 20% of all the units in a project (for developments with 21 units or more).

  • Feature non-residential or commercial space exceeding 35% of the total space in the project.

  • Have more than 15% of the units in the project 60 days (or more) delinquent on their HOA dues.

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