This morning I was off to an early start to show a number of condos to a friend of mine. We had a chance to view plenty of condominiums and focused mainly on units located in the Summerlin area.
Originally we planned to make a cash offer on a condo unit, but after talking to my lender contact, we decided to take advantage of the current low rate mortgages available. This will work out perfectly by allowing my friend to keep more savings on hand and have some tax deductions at the end of the year.
When obtaining financing on a condo, there are a few items to consider. The lender may require that the property be cleared on the HUD approval list, have more than half of the units listed as “owner-occupied” and clear of any ongoing construction phases.
I made sure to clear all of these items before hand, in order for us to view top tier properties that we could place a confident offer on right away. Many condos include tons of amenities such as fitness centers, swimming pools and community lounges. The above photo features condo units inside the Cambria Condominium community near Cheyenne and the 215.