Uranium is used to fuel the world’s nuclear power plants, but a vocal segment of the scientific community claims that it’s too dangerous and rare a chemical to sustain that role for much longer. In the feature-length documentary Thorium: An Energy Solution, they make the case for a much more.
Any new condo that has not sold and settled at least 75% of its units is considered "non-warrantable" construction. The whole purpose of warrantibility is to allow lenders to measure the investment value of a particular project.
In general, a condo or co-op unit is considered non-warrantable if: The project has yet to be completed. Its developer has not turned over control of the HOA to the owners. The community allows short-term rentals. A single person or entity owns more than 10% of all units.
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The Project Eligibility Review Service (PERS) is a review method available to lenders to submit project information to Fannie Mae for eligibility review. The use of PERS is required for the review of certain projects.. The GSEs have developed standardized Condo Project Questionnaire forms.
Definition of non-warrantable condo: A condominium that falls short of adhering to specific requirements set by the lender.
A non-warrantable condo, by definition, is a condominium that does not meet the minimum eligibility standards as set by Fannie Mae and/or Freddie Mac. When condo buildings fail fannie and Freddie’s minimum standards, it’s often for one or more of the following reasons.
Warrantable Condo. A condominium project with features that lenders view as favorable in terms of their risk exposure on loans secured by individual condo units. The requirements
· A non-warrantable condo is a piece of property that is not approved by the Federal national mortgage association (fannie mae) or the federal home loan mortgage Corporation (Freddie Mac). Fannie Mae and Freddie Mac are both government-sponsored enterprises that determine what is considered warrantable and non-warrantable.