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Can You Finance a Non-Warrantable Condo in Winston Salem, NC?

Yes, financing may be available for certain non-warrantable condos in Winston-Salem, North Carolina, even when the property doesn’t qualify for traditional conventional financing.
The key is understanding why the condo is considered non-warrantable and whether another mortgage program may accommodate that specific situation.
What is a non-warrantable condo?
A non-warrantable condo is generally part of a condominium project that doesn’t meet certain requirements for traditional agency financing.
Sometimes, the challenge has little to do with the individual buyer. Factors involving the condo project itself, such as ownership concentration, commercial space, HOA considerations, litigation, project characteristics, or ownership structure, may affect its eligibility for traditional financing.
That’s where Non-QM financing may be worth exploring.
Certain Non-QM programs may provide financing options for eligible non-warrantable condos. Depending on the program and borrower qualifications, financing may be available for a primary residence, second home, or investment property.
However, Non-QM doesn’t mean “no guidelines.” The borrower, property, condo project, credit profile, down payment or equity, and other factors still need to meet applicable program requirements.
If you’re considering a condo in Winston-Salem or the surrounding Triad and have been told the project is non-warrantable, don’t automatically assume you need to walk away.
Send me the property information. I can help you understand what may be creating the financing challenge, what documentation may be needed, and whether a non-warrantable condo or Non-QM mortgage program could provide another option.
A non-warrantable condo doesn’t necessarily mean a non-financeable condo.