Real Estate Home Mortgages/Condo Financing


QUESTION: I am having great difficulty finding a lender for condo as a vacation home. As you may know, the owner occupancy criteria is the biggest issue. Lenders will not finance unless owner occupancy is atleast 51% which is extremely rare especially in major cities. Is this a new criteria caused by the housing crash? Do you think eventually this criteria will go away if the market gets better? Is there any work-around for this?

ANSWER: Hello, Chris.
I am a loan officer in Las Vegas, NV.  I am able to get a lot of condo projects approved for owner-occupied and vacation home purchases with less than 51% owner occupancy.  The problem is investment loans - none can be approved IF the owner-occupancy is below 51%, but not for second/vacation or owner-occupied home purchases.
Where do you live and where are you looking to purchase?
If I can help you, I will.
Brian Hahn

---------- FOLLOW-UP ----------

QUESTION: Wow, what a coincidence, Las Vegas was actually one of our options for a vacation home and have been working with a realtor there. I am getting conflicting answers to this question. I have been approved by 2 lenders in Las Vegas but both say a vacation home buyer is the same as an investing buyer and owner-occupancy criteria apply to both regardless of down payment amount. What lender do you work for and what down payment do they require for vacation home?

I'm sorry that you've been given wrong information.  I've been in the lending business since 1986 & conventional financing has the same rules for owner-occupied and second vacation homes with condo financing and getting a condo project approved.
Conventional financing for a second/vacation home requires a minimum down payment of 10%.
Brian Hahn
Loan Officer | NMLS# 378075

Office: 702.289.4723 Cell: 702.371.2222 Fax: 702.920.8940

Castle & Cooke Mortgage
6900 Westcliff Drive, Suite 800
Las Vegas, Nevada 89145
NMLS #1251  
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here

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Brian HAHN


I am a mortgage banker/loan officer.Have top knowledge of all types of mortgage loans.Can assist nearly anyone looking to finance a residential property.I enjoy traveling [Society Islands (Tahiti, Bora Bora), Hawaii (Maui) and Africa (Zimbabwe)].I keep detailed information on adventures and am willing to share this information with others.{{Bachelor of Science in Business Administration from the University of Iowa, 1986"


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