Is it possible for a building that is currently nonwarrantable to become warrantable or FHA approvedWe are currently trying to decide whether or not to buy a condo in a building that was deemed Frannie Mae unwarrantable because it has 21 percent commercial ownership (a barber shop owns the bottom and then there are three condos that are owner occupied, good reserves, otherwise in good shape)?We have found viable mortgage options because we happen to have good credit and have cash to put down a hefty down-payment. We are very worried about resale though because we don't believe we will live there that long as first time home-buyers. The condo's HOA (the four owners) has voted to try and see if they can change the ownership percentages through the bylaws and make the building warrantable? IS THIS POSSIBLE? Is it possible for a building to gain FHA approval when it is nonwarrantable by Freddie and Fannie (due to commercial ownership over 20 percent guideline)? Who would be qualified to answer these questions...I've searched for specialized attorneys etc. and can't find answers. November 04 2013 - Chicago00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.