Mortgage savvy: Warrantable or non-warrantable (condos) — that is the question
The following *great* explanation of this frequent issue in condo purchasing comes courtesy of Jono Sexton of Blue Hills Bank… it covers what banks look for in a condo, in what situations the guidelines matter most, and what can be done in the worst case scenarios. When financing a condominium, as a bank we hope we can use a LIMITED PROJECT REVIEW (aka ‘limited’, or , ‘LPR’) for the condo approval. That means that most of the normal condo guidelines do not apply. LPR is only