High-rise condos are a signature part of the Las Vegas skyline—sleek towers, resort-style amenities, and lock-and-leave living steps from world-class dining and entertainment. But financing them isn’t always the same as financing a single-family home. Lender rules, HOA health, and “warrantability” all matter, and they can make or break a deal.
This guide explains the most common financing paths for Las Vegas high-rise buyers—so you can shop with confidence and close without surprises.
First: Warrantable vs. Non-Warrantable (Why It Matters)
Before you choose a loan, understand whether the condo project is “warrantable” (meets Fannie Mae/Freddie Mac rules) or non-warrantable (doesn’t meet one or more rules).
Typical warrantability factors include:
- Adequate HOA budget and reserves
- No major litigation impacting safety/marketability
- Owner-occupancy and investor concentrations within limits
- No short-term rental/hotel operations that blur residential use
- Low HOA delinquency rates
Why it matters: Warrantable condos can use standard conventional loans with better pricing and lower down payments. Non-warrantable condos often require portfolio/jumbo/Non-QM financing with different terms.
Conventional (Conforming) Loans
Best for: Primary or second-home buyers in warrantable towers.
- Down payment: As low as 5–10% for primary/second homes (subject to loan limits and project review).
- Rates & terms: Typically the most competitive when the building qualifies.
- Project review: Lender may do a Limited Review (simpler) or Full Review (more documentation).
- Investor purchases: Stricter LTV caps and pricing add-ons; many towers limit nightly rentals.
Pro tip: Ask your lender to order the condo questionnaire early. Catching an HOA issue up front can save weeks.
Jumbo Loans
Best for: Higher-price units that exceed conforming limits, especially in luxury towers.
- Down payment: Often 10–20%+ depending on occupancy and borrower profile.
- Reserves: Expect higher cash-reserve requirements.
- Underwriting: Case-by-case; property and HOA health are scrutinized.
- Warrantability: Some jumbo investors allow more flexibility than agency rules, but documentation is still rigorous.
VA Loans (Eligible Buildings Only)
Best for: Qualified veterans buying a primary residence.
- Down payment: Often 0% down if the project and borrower qualify.
- Approval: The condo project may need VA approval, or the lender may pursue a spot approval.
- Perks: No monthly PMI; competitive rates.
Note: Not every high-rise is VA-friendly, so pair with a lender who knows which towers work.
FHA Loans (Limited High-Rise Use)
Best for: Entry-level buyers where the specific project carries FHA approval or qualifies for a spot approval.
- Down payment: From 3.5% (credit- and loan-limit dependent).
- Reality check: Many Strip-adjacent towers don’t fit FHA due to approval status and project features.
Non-QM & Portfolio Loans (For Non-Warrantable/Unique Situations)
Best for: Buildings with condo-hotel elements, lower owner-occupancy, STR/air-bnb-style use, or borrowers with non-traditional income.
Common Non-QM options:
- Bank-statement loans (qualify using deposits vs. tax returns)
- Asset-depletion (convert liquid assets to income equivalent)
- Interest-only options (payment flexibility)
- Expanded credit event windows (BK/foreclosure seasoning)
Trade-offs: Higher rates/down payments, larger reserves, and more detailed building review. But they can close deals that agency loans can’t.
DSCR Loans (Investors)
Best for: Investors purchasing units primarily for rental income.
- Qualification: Based on the property’s Debt Service Coverage Ratio (rent vs. payment), not your personal DTI.
- Use case: Long-term rentals; some investors allow mid-term stays.
- Down payment & pricing: Typically 20%+ down with investor-style pricing.
- Watch-outs: HOA rental rules, minimum lease terms, and building policies can affect DSCR approval.
Condo-Hotel/Hotel-Program Units
Some towers offer hotel-program participation or operate similarly to hotels. These are typically non-warrantable and require specialty financing (portfolio or Non-QM), or even cash.
- Expect: Higher down payments, unique underwriting, and program agreements to review.
- Revenue split/management fees: Factor these into your cash-flow analysis.
- Exit strategy: Resale pools and financing availability can influence appreciation and liquidity.
What Can Derail a High-Rise Loan (And How to Prevent It)
- HOA litigation impacting structural/safety issues → Get details early; some suits are insurable/acceptable, some are not.
- Thin reserves or budget problems → Lenders may decline or price higher; ask for current budget and reserve study.
- High HOA delinquencies → Signals risk; can push a project to non-warrantable.
- Short-term rental rules that violate agency standards → Consider DSCR or portfolio options.
- Insurance changes (master policy deductibles, coverage gaps) → Confirm with the HOA’s insurance agent.
- Incomplete questionnaires → Work with a lender experienced in Vegas towers to get fast, accurate responses.
Down Payment, Reserves & Docs: What to Expect
- Down payment: Ranges from 5% (strong agency-eligible scenario) to 20–30%+ (jumbo/non-QM/investor).
- Cash reserves: Plan for 6–12 months PITI (or more for jumbo/investor) depending on profile.
- Documentation: Two-year income/employment history (or bank statements/assets for Non-QM), condo questionnaire, master insurance, budgets, reserve study, and HOA docs.
Tips for a Smooth High-Rise Closing
- Get pre-approved with a high-rise specialist who knows each tower’s quirks.
- Ask for the condo questionnaire and master insurance early.
- Verify rental and STR rules in writing if investment income is part of the plan.
- Budget for HOA transfer/working-capital fees and potential special assessments.
- Compare total monthly cost, not just rate: HOA dues, parking/storage fees, utilities, and insurance.
Final Thoughts
Las Vegas high-rises offer a uniquely luxurious lifestyle—and strong investment potential—but the right financing strategy depends on the tower, HOA health, and how you plan to use the unit. That’s why working with a lender who lives and breathes condo approvals can save you time, money, and headaches.
Have a tower in mind—Veer, Waldorf Astoria, Panorama, The Martin, Turnberry, or a condo-hotel program? The Derek Parent Team can map the best path (conventional, jumbo, VA, DSCR, or Non-QM), run numbers side-by-side, and guide you to a clean approval.