Condos for Sale in Las Vegas Present Financing Challenges
Take a peek at prices of condos for sale in Las Vegas. It is no wonder not a week goes by the last several years that I get multiple
inquiries from buyers who see $20K, $30K, $40K condos for sale in Las Vegas online. These buyers are first time buyers, owner occupied buyers, investor buyers, second home buyers, vacation home buyers etc.
A very large percentage of these potential Las Vegas condo buyers also want to leverage these incredible bargains via financing. This is a problem here in our valley. It doesn’t matter what your credit score or income is. It doesn’t matter if these buyers are highly qualified to purchase a $500K condo home and only want to spend $40K. What matters to the lender or underwriter is the condominium certification.
There are several items in that condominium certification that could upset the apple cart and blow up financing on a condominium home sale.
The lender is looking for certain things in the Condo Certification that will determine if they will lend money on that specific condo property:
- Lenders want to see low investor concentration (rentals)
- Low HOA delinquencies
- No construction defect or other litigation against HOA or community
Of course there are ways to work around this such as through private money financing or Fannie Mae HomePath® financing. Of course not every buyer or condo fits the underwriting mold for those either.
The moral of the story is if you are eyeballing a condo for sale in Las Vegas, you may want to make sure the cash is in the bank.
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