Financing in Las Vegas>Question Details

Mday83, Home Buyer in California

Is it easier to finance a townhome than a condo?

Asked by Mday83, California Wed May 9, 2012

Does anyone have experience with this? I've heard that it's much easier to finance a townhome than a condo (at least here in Vegas, where financing condos is extremely difficult) because townhomes include the land underneath. If the tax assessment says that it's a townhome, is that enough? I've heard that there may be other legal and technical issues that are involved and that research would be needed to determine whether the property is actually a townhome or condo for financing purposes. My situation is that I'm looking to buy an investment property with cash and refinance it in the future. Any input would be appreciated!

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I have had this experience with a client of mine that had excellent credit and wanted to finance a condo and he couldn't finance it, so he went and bought a townhome that he financed with no problem. If you have any other questions just ask I am here to help you. 702-882-1235
1 vote Thank Flag Link Wed May 9, 2012
It is easier to finance a townhouse then a condo since a condo must be financialiy secure and have good owner occupied figures. A townhouse that is a single family house needs to qualify just on its value.
0 votes Thank Flag Link Thu May 10, 2012
It is just not if it is easier to finance. A townhome is a better purchase in most cases when compared to a condo. You have to do your homework on Townhome purchases. If you have time to talk I am available to help.
Thank You
Suzie Marquardt
0 votes Thank Flag Link Wed May 9, 2012
You are better off for many reasons to purchase a townhouse over a condo. You're correct in what you're saying and it is one of the major reasons but there are others which I can share with you via email or by phone. If you are in need of two excelent real estate profesionals please call so we can chat. We currrently manage close to 350 homes, condos, and townhomes for our investors and only have 12 to 15 vacencies currently. We've lived in Vegas since 1976. We would like to speak with you about helping you find just the right properties and provide management services if you need it. We can also assist with rehab/renovations if needed. Please use our web site to search for current listings till we can create a custom search for you. Thanks, Kim and Matt

Matthew D’Ercole
One Source Realty and Management
Cell - 702.501.0973
Website -
0 votes Thank Flag Link Wed May 9, 2012
Generally the lenders have an easier time when the property is labeled a Townhome than a condo.
0 votes Thank Flag Link Wed May 9, 2012
It depends... it's not that it's easy or hard to finance, it's not possible to finance a condo if the non-owner -occupant to owner-occupant ratio is more than 30% ( I think ), and it has to be on the approved condo list by Freddie or Fannie. It's very rare to see a condo financeable today Vegas. Additionally, you're competing with so many cash buyers that it's not likely that anyone would even accept a financed offer.

Find approved condos for financing here:…

You're in the same boat with Town-Homes.
0 votes Thank Flag Link Wed May 9, 2012
Absolutely, Yes- Condos have many restrictions, litigation and various issues that prevent financing in Las Vegas.

For some reason, it is much easier to finance a townhome, because they do not have the same issues.

As far as determining the difference- Tax records are very clear on the designation of whether a community is a condo community or a townhome community-

Want to speak to a knowledgeable loan officer?

Email Text or call Darren Lenneman-
(702) 493-1924

He can answer questions for you-
Want to see the inventory before it hits the market-
email text or call me:)
Web Reference:
0 votes Thank Flag Link Wed May 9, 2012
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