When buyers compare high-rise or condo financing to single-family home financing, many assume the loan terms are drastically different. In reality, the financing structure is very similar—but the process is not.
Understanding these differences upfront can save time, reduce stress, and prevent surprises once you’re under contract.
Down Payment Requirements: Very Similar
From a lending standpoint, high-rise and single-family properties generally follow the same down payment guidelines:
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Primary Residence: 5% down
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Second Home: 10% down
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Investment Property: 20% down
These thresholds apply whether you are purchasing a single-family home or a condo in a high-rise building such as Veer Towers or ONE Las Vegas.
The Real Difference: Documentation and Project Approval
Where high-rise and condo purchases differ significantly is in documentation and upfront due diligence.
Condos and high-rise buildings require:
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HOA certification
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Condo project approval
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Budget and reserve analysis
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Owner-occupancy and rental ratio review
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Insurance and litigation review (if applicable)
This process ensures the building meets lending guidelines before a loan can be finalized. Single-family homes do not require this level of project review, which is why they often move through underwriting faster.
Why This Matters Before You Write an Offer
High-rise financing is not more difficult—but it does require experience. Missing documentation or an unapproved condo project can delay closing or, in some cases, stop financing altogether.
When handled properly and early in the process, buyers still benefit from:
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Competitive rates
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Low down payment options
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Standard loan programs
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Smooth closings
The key is working with a lender who understands the condo approval process and can address these requirements before they become an issue.
Bottom Line
High-rise and single-family financing offer similar loan options, but high-rise purchases demand more upfront preparation. The earlier this work is done, the smoother the transaction will be.
If you’re considering a condo or weighing it against a single-family home, having the right guidance early can make all the difference. Let’s have that conversation before you write your offer.