Quick question for all of you mortgage pros out there... What type of programs are available for high rise residences? Is there a different process for obtaining financing?
Great question Las Vegas real estate! With the Las Vegas high rise boom moving so rapidly, I often wonder how the finance side of things will work out...
Condos are usually divided into 2 groups, 1-4 stories (low-rise) and 4 stories or higher (high-rise). You will generally take a "hit" on a high-rise condo.
I have seen as little as .25 pt and as high as 1.5 pts (depending on LTV) added to the pricing.
It's important to have your mortgage pro search for a "high-rise friendly" lender.
High Rise Financing?
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