www.lasvegasmtg.com Report: Las Vegas High-rise Condo Financing now available
By John Le Francois
www.lasvegasmtg.com Report: Las Vegas High-rise Condo Financing now available. Everyone that has been in Real Estate for any length of time knows that trying to get financing for a Condo in Las Vegas, NV. is next to impossible. Getting a High-Rise Condo would take an act of Congress and would be inclined to be a futile effort.
At All Western Mortgage we now have several new programs that are available to clients to buy owner occupied and 2nd home Condos and High-Rise units.
Fannie Mae owned Condo and High Rise Condo properties that are eligible for HomePath Financing can be purchased without a Condo Certification. Fannie Mae Condo and High-rise Condos Properties can be found at www.homepath.com and if the properties have the HomePath Financing logo on the listing they would be able to purchase as Owner Occupied or as a 2nd Home.
Currently there are 359 Condos listed on the Fannie Mae HomePath.com website with 327 under contract and 32 active listings 3 of those are high-rise priced from $80,000 to $200,000.
5% down and No Mortgage Insurance with Minimum FICO score needed is 640 and maximum Debt to Income is 45%.
10% down and No Mortgage Insurance with a Minimum FICO Score needed is 720 and Maximum Debt to Income Ratio is 45%.
The other option that is available to All Western Mortgage are two new Portfolio Lenders. Portfolio Lenders do not follow Fannie Mae Guidelines but do common sense underwriting and service the loans they write. In the next article I will discuss the guidelines for these two portfolio lenders.