Properties in Snowshoe, West Virginia, are often 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.
In addition, much of Snowshoe WV Real Estate is part of a condominium development with a high percentage of non-owner occupied units or units owned by investors. This can make it difficult to obtain financing because the development may not meet certain requirements, such as having a certain percentage of owner-occupied units or having adequate reserves for maintenance and repairs.
Overall, the unique characteristics of Snowshoe WV Real Estate as a resort area with a high percentage of non-owner occupied units and a unique condominium development structure make it difficult for many properties to qualify for conventional financing, leading to a higher proportion of “unwarrantable” properties in the area.
Local Lenders Can Help
Luckily, there are local Snowshoe lenders who can provide financing. Reach out to me at email@example.com or call (301) 501-7231 and I will connect you with one of those lenders!