non-warrantable condo

Definition

A condominium that falls short of adhering to specific requirements set by the lender.

Use this term in a sentence

You should always try and make sure that you do not get called out for having a non-warrantable condo or it may hurt your rep.

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Unfortunately these buildings didn't adhere to specifications; I'm afraid what you bought is a non-warrantable condo here, so good luck trying to get rid of it.

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A potential buyer should expect to have cash on hand, or at least be prepared to agree on non-traditional or special financing with higher interest and downpayment to complete the purchase if the property he or she hopes to buy is a non-warrantable condo.

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