I second Julia St Marie that Aaron Gordon is really good as well as Rey Gallegos in that same office.
Linked below is an article I wrote about condominium certifications. Good luck!
You received a variety of responses.
Julia was correct in that a property CAN NOT be purchased with a lender / mortgage when there IS associated litigation, default HOA ratios do exceed lender guidelines, and the Owner Occupancy ratio exceeds lender guidelines.
These 3 conditions alone eliminate a vast majority of condos, as investors do dominate the condo market.
Next, the condos must also be BUILT to lender standards, and here you can find those communities:
Additionally, you are competing with cash buyers.
It is not impossible to find a willing and able lender, but it is extremely difficult, and you do need to have a great team together... a real estate broker / agent willing to work with you (this is easy), a willing and able lender, and lastly, you must find the condo and a seller willing to accept an offer with a loan.
Another note... it may be difficult to get an accepted offer on a short sale, because the short sale approval and loan approval have to sync, and may be difficult, and many people will try to avoid this situation as it can cause short sales to be lost.
Soâ€¦. Itâ€™s not impossible, but it is a little difficult. Consider thisâ€¦ you can get financing on many available townhomes.
Mark D Fleysher, MBA, Broker, REALTOR
The Jack Conley Realty Group
It's great to get so many view points and options isn't it? I have another one for you that you may not have thought about. There are some great programs out there right now for low purchase prices like what you are looking for and higher. You will want to work with a mortgage broker to get the most competitive programs. I have a lender rolling out a new FHA program for people under a 620 FICO, which is unheard of with the banks. I would also recommend going with a Mortgage Broker with in-house financing and "not" one of the major banks. So many of the big bank deals fall through and do not offer the best rates and terms.
I recommend Nancy that you speak with a lender before searching for homes and talk to a good agent if you are looking at condos/town homes so you understand the pitfalls that can come with those types of properties. My client two weeks ago worked with one of my recommended lenders and thought he was only qualified for $60,000-$80,000 and found out for the same payment he was wanting he could afford up to $160,000. That's a huge difference in the home and his payment is still under $1,000 per month.
It also means you could purchase a low maintenance single family home rather than a property with high HOA Fees and larger possibility for maintenance issues due to adjoining units and volume of neighbors/renters. I sold him a new home which paid 6% of his closing costs, so he is planning on using some to buy his rate down even further. I also negotiated for him Option Money to be used at the design center and a washer/dryer to boot.
Contact me to find out more options for you regarding financing and homes on the market. The new home builders are pulling out all the stops to move their properties. I know of one even paying off the Assessments of $10,000. So Nancy, let me guide you to the best deal.
Heather Etchings, REALTORÂ®
Realty One Group
Proud Recipient of the Las Vegas Chamber of Commerce
"Customer Service Excellence Award"
"New Home Platinum Agent!"
Realty One Group
9089 S. Pecos Road, Suite 3400
Henderson, NV 89074
Cell: 702-277-7071 Fax: 702-446-0458
E-mail: HeatherEtchings@gmail.com http://www.HeathersHomesLasVegas.com
"Making Clients for Life"
Warrantable properties are on a list available to agentsegas and there are very, very few i. If there is litigation or other problems, we have private money with 30% down and 8% to 9% interest rate on strong Triple AAA projects.......The warratable projects will really limit the deal you san get, since there are so few. It has to be frustrating to see so many excellant buys, but know you need 30% down and pay more in interest rate
If you would like to get more questions answer from someone with 25 years investing in Las Vegas, call me.
David Cooper +1-702-499-7037
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
I can get you a 2 bed + 2 bath condo in a Triple AAA first class building near Summerlin that sold new in 2006 for $185,000 and the asking price today is $68,000. Repeat $68,000. we are talking 1200+ sq ft on one level. My 25 years experience is get into your 2nd home free and clear, and enjoy.
.... At $68,000 what a bargain. We have others, but this is the one I would live in.
Call David Cooper +1-702-499-7037
Below is what one of our preferred lender Claudine, whom we have used for over 10 years:
For 2nd home purchase it would have to be conventional.. here's the hard part..
there are less and less Fannie/Freddie approved condos here in Las Vegas.. very
few and far between.. if you can give me a complex name.. I can look it up for
you to determine if approved or not.. I do have some investors ( private/hard
money 12%) who will lend on non warantable condos.
Thanks for your question, hope this helps!
Dolly & Margie
Claudine B. West
All Western Mortgage
cellular (702) 498-8305
Thanks for your question
I work closely with such a person who can give you straight answers without leading you around needlessly. Feel free to contact me if you would like more information. When the time comes, I would also be honored to assist you in your home search. Thank you!
To your happiness,
Reggie Dela Rosa
Realty ONE Group Las Vegas
6475 S. Rainbow Blvd. Suite 102
Las Vegas, NV 89118
Direct: (702) 292-6556
As for the price, you just have to find a lender who will do the loans for the lower amount. Some won't because their fees are too high in general and on the lower loans they can't charge them or else they get into the realm of predatory lending. You just have to have the right lender.
Good luck and call me if you have any questions!
the answer below is not completly true either, give me a call we can sit down with a lender and discuss the facts of your situation. As we all know each individual situation is different. I just had a lender finance a $54K condo which as I stated earlier is currnetly in escrow.
that is not true, I currently have a condo in escrow. Not all condos will qualify for financing, but there are a lot of condos that will. I have several lenders that I work with and I am confident that I would be able to refer you to one that can get you financed if the condo project is an approved condo project. Give me a call and we can discuss this further. You can contact me at almost anytime on my direct line, as I do not keep regular hours and usually answer my phone both nights and weekends.
Realty ONE Group, Inc.
10750 W. Charleston Blvd. #180
Las Vegas, NV 89131