Current Home Lending Info Blog for Southern Nevada

Condominimiums have become priced very reasonably, and for that reason more and more people are looking at purchasing these properties as a way to enter home ownership, take advantage of the benefits of it, and maintain the cheap monthly payment that are keeping many people in their apartments. 

While this is something that is very cost effective, there is something you want to make sure of before looking at a specific area or condo project that you are interested in.  FHA loans, which currently offer the cheapest down payment at 3.5% down, have a list of all of the condo developments in the country that they are willing to lend on.  Fannie Mae (FNM) and Freddie Mac also have their own list as well of condo's that they will allow the banks to lend on.  Since the majority of all lending institutions rely on these government entities to dictate the guidelines for the loans, it is imperative that you make sure that your condo is on the approved list for whatever loan you are looking for.

If you are looking for an FHA loan, you will want to visit https://entp.hud.gov/idapp/html/condlook.cfm.  If you are looking for a Fannie Mae/Freddie Mac Conventional loan, you will need to visit https://www.efanniemae.com/syndicated/documents/dps/condopud/NV.pdf.  These are the two main websites that will let you know whether or not it is possible for your loan to go through based on the condo that you picked.  Make sure that when visiting these condo's, you take a look at the name of the condo as you drive in.  If you would like more help with these types of loans, please contact David Schwartz at 702-370-2116, and he will assist you in determining if the condo development you are interested in is able to obtain the best financing available for what you would like to do.

Have a great day!!