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Felicia Mart…, Real Estate Pro in Henderson, NV

Who knows of a lender who can do conventional, non owner occupied loans on condos in Vegas? (no litigation)

Asked by Felicia Martin Struhl, Henderson, NV Mon Mar 28, 2011

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Nathan Kessler’s answer
I can do condos in Vegas even if the properties are not Fannie or Freddie approved. Also, if the borrower is self employed I do not require tax returns. 20% down payment minimum. Call, or click the link below for more information. I look forward to your call.

Check me out at the link below and get your free approval today!
http://www.city1stlasvegas.com/EmployeeDetail.aspx?EmployeeI…

Thank you for choosing City First Mortgage Services,

Nathan T. Kessler | Sr. Mortgage Loan Originator

City First Mortgage Services
8871 W Flamingo Rd Suite 202
Las Vegas, NV 89147
(C) 702.683.3126 | (F) 702.974.0848 | (O) 702-522-6743
nathan.kessler@city1st.com http://www.city1stlasvegas.com
Company NMLS # 3117 | Branch NMLS # 819501
Individual NMLS # 377217 NV #46175
0 votes Thank Flag Link Thu Jun 26, 2014
As an approved mortgage lender here in Las Vegas it is worth noting that only Fannie Mae owned properties are approved for the special Homepath financing. That is just a fraction of the condos or any other type of property out there listed for sale. Even on the Homepath program for a 20% non owner condo Fannie Mae themselves charge nearly 3% in additional fees for the added risk over and above the higher rates that they charge on all Homepath loans. Still not a bad product for that niche situation though.
2 votes Thank Flag Link Thu Mar 31, 2011
Felicia, actually David's original comments about risk (from a lender's perspective) are on point, and that change in perspective is part of the market correction. Unfortunately, many--not all--builders took lots of short-cuts (especially between 2003 and 2008) during the construction of numerous condo projects nationwide. Many lenders were burned multiple times from spec-build condo projects via builders (for A&D loans and take-out financing), buyers (for construction loans), investors/insurance-companies (lawsuits resulting from losses), failed FHA inspections, etc; that's only the tip of the iceberg.

The bottom-line is that condo buyers/sellers will have to get used to the new norm.

Condo sellers have other options provided they're willing to be more flexible on terms.
1 vote Thank Flag Link Fri Apr 1, 2011
Thanks so much everyone for your help! It's nice to know that when in a tight spot the real estate professionals I am lucky enough to work with are there for me (and each other).

In the end, because of the higher HOA dues, the additional % points in financing and the higher down pmt, my clients have decided to buy a house for the same down and monthly payment (and will very likely rent for more $). They are happy, I am happy, everyone's happy.

P.S. I really hope that someone figures out how to correct this condo financing issue soon though b/c I feel very sorry for condo owners who are having problems selling!
1 vote Thank Flag Link Thu Mar 31, 2011
Felicia: Here is the approved lenders for Nevada directly from the Homepath website. I would think a phone call would clarify the exact perimeters of their investor loan program.

There are only 4.approved Home Path lenders that can finance mortgage and repairs, and 99% of all fannie mae REO's need paint and carpet.
1. Colonial National
2. Flagstar Bank
3. Platinum Home Mortgage
4. Prime Lending


David Cooper. Las Vegas Foreclosure Investor in Bank Owned Cash flow Houses. FReee List +1-7024997037...
not a real estate agent. ask about limited partnerships
1 vote Thank Flag Link Thu Mar 31, 2011
David, that's pretty eye-opening to me, because I know of several lenders who are kind of skittish on lending on condos in Vegas and Miami. The ones I know that might consider it probably would ask for more than 2 points. Thanks for the info.
1 vote Thank Flag Link Thu Mar 31, 2011
HomePath Lenders are the one source I do know for a fact will do loans on condos. The reason there is a point or two higher on the interest rate is the recognition there is added risk in loaning on a condo.
It's makes sense that you can't get the best rate with 20% down on the higher risk condo loan


David Cooper. Las Vegas Foreclosure Investor in Bank Owned Cash flow Houses. FReee List +1-7024997037...
not a real estate agent. ask about limited partnerships
1 vote Thank Flag Link Thu Mar 31, 2011
You asked for non owner occupied.
Here is the Fannie Mae Lender that will finance investors with 10% down
HomePath® Mortgage


888-669-0784 Toll Free Phone
888-669-0785 Toll Free Fax


David Cooper Las Vegas Foreclosure Investor in Cash Flow Bank Owned Houses Call FReee List +1-7024997037 not a real estate agent. Ask about our investor program
1 vote Thank Flag Link Mon Mar 28, 2011
I have an investor that funds high rise, condotel, and non-warrantable properties to 80% LTV. Owner occupied and second homes. Let me know if you would like more information and I can call you directly.

John Paul Mulchay
Alderus Funding & Investments
johnpaul.mulchay@alderus.net
1 vote Thank Flag Link Mon Mar 28, 2011
Nevada State Bank

Shhhh....

Cheers -Mark Fleysher
http://listing-machine.eventbrite.com/?aff=trulia
0 votes Thank Flag Link Sat Sep 6, 2014
**I am aware this is an old post, but it is still relevant**

I do condos in Las Vegas even if they are not FNMA/FHLMC approved. I have investor loans that do not even require tax returns if you are a self employed borrower. Minimum 20% Down. Call today and ask for details.

Check me out at the link below and get your free approval today!
http://www.city1stlasvegas.com/EmployeeDetail.aspx?EmployeeI…

Thank you for choosing City First Mortgage Services,

Nathan T. Kessler | Sr. Mortgage Loan Originator

City First Mortgage Services
8871 W Flamingo Rd Suite 202
Las Vegas, NV 89147
(C) 702.683.3126 | (F) 702.974.0848 | (O) 702-522-6743
nathan.kessler@city1st.com http://www.city1stlasvegas.com
Company NMLS # 3117 | Branch NMLS # 819501
Individual NMLS # 377217 NV #46175
0 votes Thank Flag Link Wed Jun 25, 2014
I am a licensed Mortgage Agent in Nevada and would be happy to assist you with your investment financing needs. Feel free to reach me at: loansbymatthew@gmail.com
0 votes Thank Flag Link Sun Jun 23, 2013
Have you checked out the Homepath lenders in Seattle? Homepath offers foreclosures all over the USA.

David Cooper. Las Vegas Foreclosure Investor in Bank Owned Cash flow Houses. Free List of Bargain Homes, see website or Call +1-702-499-7037
0 votes Thank Flag Link Sun Jul 24, 2011
Who knows of a lender who can do conventional, non owner occupied loans on condos in Seattle?
0 votes Thank Flag Link Sat Jul 23, 2011
Scott, what you wrote is more consistent with what I've also been hearing.
0 votes Thank Flag Link Thu Mar 31, 2011
I actually meant does anyone know of a lender who can lend on condos with a 20% down at todays best rate; not a point or two higher. From the responses I have gotten I think that may not exist though (I have followed up on a few). Thank you for all of your suggestions; I appreciate the help.
0 votes Thank Flag Link Thu Mar 31, 2011
Condos fall into their own catagory when it comes to mortgage lending. Many of the guideline changes the mortgage industry has seen the last two years surrounding condos seem to indicate the government does not really want investor condo mortgage loans on their books. That being said they can still be done but you will want a mortgage lender who is versed in the in the mortgage options for investors. Call Scott Gillespie at Evergreen Home Loans 702-269-4343.
0 votes Thank Flag Link Thu Mar 31, 2011
Pam Clark Has a lender. Pam Clark 581-5219
0 votes Thank Flag Link Mon Mar 28, 2011
Try Jim Losell at iMortgage 702-322-0410 he works hard on every loan
0 votes Thank Flag Link Mon Mar 28, 2011
Hi Felicia,

You should give Shelter Mortgage a try. 324-1683 John Ingram.

Thanks
Ivy
0 votes Thank Flag Link Mon Mar 28, 2011
try jessica mitchell 501-6673. allan lovinger
0 votes Thank Flag Link Mon Mar 28, 2011
I use Oz Carmi at Western Mortgage, his number is 702-499-1317. He does all of my loans and my clients loans. If he says he can do it he can, and he will update you instead of you asking for updates. :0)
0 votes Thank Flag Link Mon Mar 28, 2011
Eddie Cepeda at 7023212388
0 votes Thank Flag Link Mon Mar 28, 2011
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