Advice on buying a non warrantable apartment (Jersey City: rent, property)

[parthsavi]

What are you thoughts on buying a non warrantable apartment in jersey city as an investment. I am looking to purchase and rent out the property. Are non-warrantable properties common in Jersey City?

[Gerania]

Why is it non-warrantable?

[checkmatechamp13]

Originally Posted by Gerania

Why is it non-warrantable?

It's related to things like owner occupancy, owners behind on their maintenance fees, etc It means you can't get mortgage insurance (normally less than 20% down requires insurance).

It depends on the specific property, but generally speaking there's nothing wrong with buying it assuming you pay cash or qualify for a mortgage.

[Gerania]

Thanks. I did look it up. Some situations sound a bit more positive than others.