Get Pre-Approval in Snowshoe, WV!
Mortgage Pre-Approval is an important first step in purchasing a new property. That being said, financing a Snowshoe property can be tricky, primarily because some of the mountain property is considered “unwarrantable.” This means that some Snowshoe properties do not qualify for long-term fixed-rate mortgages that can be sold on the secondary market to the Federal government (Fannie, Freddie, FHLB, etc.). Often lenders will require a “condo questionnaire” to be completed to understand better the type of property being financed.
What is “Unwarrantable”?
Properties in Snowshoe, West Virginia, are sometimes considered “unwarrantable” because they are located in a condominium development with unique characteristics that make it difficult or impossible for the units to qualify for conventional financing.
An “unwarrantable” property typically refers to a property that does not meet the guidelines set by Freddie Mac and Fannie Mae, the two largest government-sponsored entities that buy and sell mortgages in the United States.
Many properties in Snowshoe are considered “unwarrantable” because they are located in a resort area, meaning they may be used as vacation homes or rental properties. Lenders are often hesitant to provide financing for these properties because they may not be occupied by the owner or have a stable rental income, which can lead to higher default rates and increased risk for the lender.
What is a condo questionnaire?
A condo questionnaire is a document that most lenders require to determine if a property is designated as a townhouse or condominium – and is part of an HOA (Homeowner’s Association). The document helps lenders determine whether or not projects such as those in Snowshoe, WV comply with the lender’s underwriting prerequisites.
Lenders consider condominium units riskier than single-family homes because the physical and fiscal well-being of the entire development affects the unit’s value. If other residents fall behind on their association fees, the community’s fiscal health is influenced. Similarly, if a high proportion of non-occupant owners rent out their units without maintaining them, it affects the community’s physical state. Therefore, association managers or HOAs are asked to fill out the condo questionnaire upon a lender’s request.
Condotels in Snowshoe
- Mountain Lodge
- Soaring Eagle
- Top of the World
- Allegheny Springs
- Highland House
- Expedition Station
- The Seneca
Local WV Lenders Can Provide Snowshoe Financing
Luckily, there are local Snowshoe lenders who can provide financing. Reach out to me at firstname.lastname@example.org or call (301) 501-7231 and I will connect you with one of those lenders!