Project eligibility is only one part of approval
Quick answer: A non-warrantable condo does not meet the project requirements for a particular financing program. That does not prove the unit is sound or that another lender will finance it. The borrower, unit and project still need review. Start with the project name, intended occupancy and the reason it was flagged. Safety, insurance or litigation problems can prevent financing even when a lender considers non-QM or portfolio loans.
Check the project before spending money on a loan that may not fit. Nevada's seller-funded resale package includes the budget, reserve summary, litigation statement and, since July 1, 2026, association insurance evidence. These help a lender identify what needs further review. NRS 116.4109 generally allows written cancellation through midnight of the fifth calendar day after receipt; that right ends after conveyance. Confirm your own contract deadlines promptly.
Key takeaways
- Project review is separate from borrower and unit review. Good credit does not cure an ineligible project, and an eligible project does not approve the loan.
- Hotel operations need special attention. Rental pooling, occupancy restrictions and transient use can make a project ineligible for Fannie Mae financing.
- Reserve requirements have dates and conditions. Full Review currently uses a 10 percent allocation test or a qualifying reserve study. A 15 percent minimum applies to applications dated on or after January 4, 2027.
- The repair threshold is not a safe allowance. Unfunded work above $10,000 per unit due within 12 months is one critical-repair trigger. Safety or structural problems can disqualify a project below that amount.
- Order the Nevada resale package early. The association has 10 calendar days after the owner or authorized agent requests it in writing. Confirm current fees and the buyer's cancellation deadline; the package is not a financing approval.
What is a non-warrantable condo?
A warrantable condo meets the applicable project requirements for the loan program being considered. The lender must still review the borrower and the individual unit, including property condition and applicable insurance. A project decision does not replace those separate reviews.
The term non-warrantable usually points to a project issue: its operations, finances, ownership, insurance, litigation or condition. Ask which specific requirement failed and for which program. A borrower's credit and down payment still matter to loan eligibility, but they do not erase an ineligible project characteristic.
Where the non-warrantable condo rules are actually written
Fannie Mae publishes project rules in its Selling Guide, including Ineligible Projects and the Full Review Process. Freddie Mac has separate project standards and review tools. Ask the lender which review method and program applies; a status in one system is not a decision for every possible loan.
Fannie Mae's Condo Project Manager records project status. An Unavailable project is ineligible for sale to Fannie Mae. Even an approved status does not remove the lender's obligations to review applicable insurance and other loan requirements.
Licensing, stated plainly. Valley West Mortgage holds NMLS #65506 and is licensed in Nevada. Our state-by-state licensing disclosure lists every licence by name. This page describes program terms generally. Portfolio and non-QM programs are not agency programs, and each lender publishes its own rules.
Which Las Vegas condos run into this?
Las Vegas built a condo market next to a hospitality market, and the two blur together. Hotel-like operations are one potential project-review issue. For example, a tower near the Strip may share a lobby with a hotel operation. It may carry a rental desk, offer daily housekeeping and sit under a resort brand. Every one of those features appears on Fannie Mae's disqualifying list. None of them says anything about whether the concrete is sound.
Meanwhile mixed-use is the second pressure. A podium full of restaurants and retail looks like an amenity to a buyer. To an underwriter it looks like commercial square footage. Fannie Mae caps non-residential space at 35 percent, so a tower can be beautifully run and still fail on a floor plan.
Reserves also need review
Nevada requires a reserve study at least every five years and an annual review of reserve sufficiency under NRS 116.31152. The study identifies major components with a remaining useful life under 30 years. That state schedule does not establish whether a study is recent enough for a lender's review. Fannie Mae Full Review currently generally requires replacement reserves of at least 10 percent of annual budgeted assessment income, subject to the qualifying-study alternative below.
Which project tests does Fannie Mae actually run?
These are selected Fannie Mae project checks, not a complete approval checklist. Definitions, review methods and documented exceptions matter. A result in the table does not establish borrower or unit eligibility.
| Test | The published line | A worked example | Result |
|---|---|---|---|
| Commercial space | May not exceed 35 percent | 120,000 sq ft of retail in a 300,000 sq ft tower is 40 percent | Fails |
| Single-entity ownership | 21 or more units: 20 percent. 11 to 20 units: 2 units. 5 to 10 units that are part of a master association: 2 units | 68 of 300 units is 22.67 percent, against a cap of 60 units | Fails |
| Assessment delinquency | No more than 15 percent of units 60 days or more past due | 19 of 120 units is 15.83 percent, against a cap of 18 units | Fails |
| Replacement reserves | Annual replacement reserve allocation at least 10 percent of annual budgeted assessment income | 150,000 dollars against 2,400,000 dollars of assessment income is 6.25 percent, against a floor of 240,000 dollars | Requires the qualifying-study alternative if below the allocation minimum |
| One critical-repair trigger | Qualifying unfunded work above $10,000 per unit due within 12 months; other critical conditions can fail below this amount | 3,100,000 dollars of work on 240 units is 12,916.67 dollars per unit | Fails |
| Litigation | HOA named in pending litigation on safety, structural soundness, habitability or functional use | A construction defect suit over balcony framing | Fails, but seven minor-matter exceptions exist |
| Evacuation order | Partial or total evacuation for an unsafe condition | A closed parking structure under a municipal order | Fails until remediated |
When can a reserve study substitute?
A qualifying study must be no more than three years old and demonstrate adequate funded reserves. The budget must meet the study's highest recommended reserve allocation; a baseline funding method does not qualify for this alternative. Fannie Mae's Lender Letter LL-2026-03 makes the allocation minimum 15 percent for applications dated on or after January 4, 2027. Ask the lender to apply the requirements for your application date.
Reading the non-warrantable condo table
A clean-looking unit does not settle these questions. Ask for project records and inspection findings as well as the budget. Some ownership and litigation situations have specific exceptions; a lender must document whether one applies, rather than treat this summary as a final decision.
The repair test surprises most non-warrantable condo buyers
The project. A 240-unit Las Vegas high-rise. The engineer's report identifies 3,100,000 dollars of work due within the next 12 months. The association has not funded it. No special assessment covers it either.
The trigger, not an allowance. The $10,000-per-unit category is one way work can meet Fannie Mae's critical-repair definition. It does not permit a project to carry $2.4 million of unsafe or unfunded work. Safety, structural problems, water intrusion or failed inspections can independently make a project ineligible.
The arithmetic. Divide 3,100,000 by 240. That is 12,916.67 dollars per unit, or 2,916.67 dollars per unit over the line.
The outcome. In this hypothetical, qualifying unfunded work is above the per-unit trigger. Unit-owner repairs and work funded through a special assessment are excluded from that calculation. But an unremediated critical repair remains a problem even when an assessment funds it. Raising money does not itself finish the repair or establish eligibility.
In other words, that distinction is the useful one. Indeed several of these tests are curable. The reserve test moves when a board adopts a stronger funding plan, and delinquency moves when the association collects. A critical repair is the exception, because there a vote to raise the money is not the cure. A buyer who knows which test failed can therefore ask the board one specific question, instead of walking away from the whole building.
When does Fannie Mae treat a condo as a hotel?
Hotel and transient use need review in Strip-adjacent projects. A project is ineligible if any one of four things is true. The association holds a licence as a hotel, motel, resort or hospitality entity. The project documents restrict an owner's ability to occupy the unit during any part of the year. The documents require owners to make the unit available for rental pooling. Or the documents require owners to share rental profits with the association, a management company, a resort or a hotel rental company.
Then comes a second list, which in contrast catches buildings that pass the first one. A project also fails if it is primarily transient in nature. Registration services, daily or short-term rentals, daily cleaning, central telephone service and central key systems each do it. So does a hotel conversion that still reads like a hotel. A legal or common name containing hotel, motel or resort does it too, unless that use is purely historical. Finally, a hotel rating from a travel agency, a booking site or a search engine is enough on its own.
Non-warrantable condo red flags are not the same as failures
Fannie Mae keeps a separate list of what it calls common red flags. These trigger extra due diligence rather than an automatic denial. Units under 400 square feet. No full-sized kitchen appliances. Advertisements for daily or short-term rates. Franchise agreements. Location in a resort area. Interior doors that adjoin different units. And a big one for the valley: 75 percent or more of the units held as investment or second homes. Investors should also read how a Las Vegas short-term rental gets underwritten on its own income, because a condotel unit sits in both conversations at once.
Not every lawsuit makes a non-warrantable condo
The litigation row deserves a footnote. Where a lender determines that pending litigation involves minor matters with no impact on the safety, structural soundness, habitability or functional use of the project, Fannie Mae lists seven kinds of matter that leave the project eligible. Neighbour disputes and other non-monetary actions qualify. So does a matter the insurance carrier has agreed to defend and that the association's insurance covers. So does one where the reasonably anticipated damages and legal expenses are not expected to exceed 10 percent of the project's funded reserves. Personal injury and construction defect claims are held to tighter tests. Therefore the right question is not whether the association is in court, but what the court case is about.
The sentence worth remembering. A condo hotel is not a lesser condo. In the eyes of the agencies it is a different asset class, and no amount of down payment converts it back.
How do you find out before you are committed?
Fortunately Nevada gives you a statutory answer, and it is the strongest tool a Las Vegas condo buyer has. NRS 116.4109 requires the seller to furnish a resale package, at the seller's own expense. Since July 1, 2026 that package must include proof of the insurance policies the association carries under NRS 116.3113. The 2025 Legislature added that paragraph. The rest of the contents were already there.
Similarly, read against Fannie Mae's tests, the package is close to a warrantability file that somebody else pays for.
| Resale package item | NRS 116.4109 paragraph | The project test it speaks to |
|---|---|---|
| Current operating budget and year-to-date financial statement | 1(c) | The 10 percent replacement reserve funding test |
| Summary of the reserve study required by NRS 116.31152 | 1(c) | Deferred maintenance and critical repairs |
| Statement of unsatisfied judgments and pending legal actions | 1(d) | The litigation test |
| Proof of the association's insurance, new since July 1, 2026 | 1(g) | Master property, liability and fidelity coverage |
| Assessment statement and any unpaid obligation on the unit | 1(b) | Delinquency, and what you inherit at closing |
| Declaration, bylaws and rules | 1(a) | Rental pooling, occupancy restrictions and hotel character |
| Statement of transfer, transaction and resale fees | 1(e), 1(f) | Your own cash to close |
How long it takes, and what it costs
Making the request. The statute runs through the seller. Once the unit's owner or the owner's agent asks in writing, the association gets 10 calendar days to produce the documents and the certificate.
Confirm the current permitted fee. NRS 116.4109 sets base fees of $185 for the certificate and $100 for expedited preparation requested sooner than three business days. The statute permits annual CPI adjustments, limited to 3 percent per year. Do not read a statutory base as a flat current fee. Check the Nevada Real Estate Division's current schedule and the association's written charge before ordering.
Paper, only where electronic fails. The statute makes electronic delivery the default and attaches no copying charge to it. Where the association cannot manage that, copies are capped at 25 cents a page for the first 10 pages and 10 cents a page after that. On that fallback a 150-page package is (10 x 0.25) plus (140 x 0.10). That is 2.50 plus 14.00, or 16.50 dollars.
No universal all-in total. The paper-copy example is only an example, not the maximum cost of every package. Confirm the current permitted certificate charge, any requested expedite charge and whether electronic delivery is possible. The statute places the package expense on the unit owner; it does not promise loan approval or a free appraisal.
The window. Written cancellation generally runs through midnight of the fifth calendar day after receipt of the package, without penalty. This statutory right ends after conveyance. Check the actual delivery date, contract and applicable rules rather than assume every deadline is five days from today.
The non-warrantable condo clause that protects your wallet
Besides that, one more clause is worth knowing. Under NRS 116.4109(5) you are not liable for an unpaid assessment or fee larger than the amount the association stated in its own certificate. So the document protects your wallet as well as your decision.
Prepare for a useful condo conversation
You can include these details in the inquiry message below. If a project issue is unknown, say so rather than guess.
- The project's legal name and city.
- Purchase or refinance.
- Intended use: home, second home or rental, including any personal or family use.
- Your timeline and any contract deadline.
- Any known HOA, repair, insurance, reserve or litigation issue.
These details help identify the next review step. They are not an approval checklist. Do not send Social Security numbers or account documents.
Discuss the project before your next financing step
Start with the project name and city, purchase or refinance, intended occupancy, timeline and any known HOA issue. We can discuss which documents a lender needs next. Possible financing depends on review of the borrower, unit and project; this conversation does not promise an available program or approval.
Discuss your condo scenarioCan FHA be an option after another program flags the project?
Possibly, but a failed Fannie Mae review does not establish FHA eligibility. FHA project approval and Single-Unit Approval follow different HUD requirements. The regulation, 24 CFR 203.43b, supplies an outer framework; its percentage ranges are not an approval test for your project.
Ask which HUD rules and approval path apply
HUD's August 12, 2026 Handbook 4000.1 Update 18 permits early implementation, with most changes mandatory November 10, 2026. During that transition, ask the lender which handbook version and effective date it is using, whether the project is approved, and whether Single-Unit Approval is permitted. The approved-project and Single-Unit Approval tests differ, so one percentage or unit-count rule cannot answer every case.
FHA still requires an eligible project and unit as well as an eligible borrower. A genuine hotel or transient-rental project does not become eligible merely because another program rejected it. Check HUD's condominium guidance and have the lender identify the applicable path before relying on FHA financing.
How does a non-warrantable condo get financed?
Some lenders may consider a portfolio or non-QM loan under their own guidelines. That is a possibility to investigate, not an automatic fallback. A failed agency test does not force another lender to accept the project. Critical repairs, inadequate insurance, litigation, hotel operations or other issues may still prevent financing. Ask Valley West whether a program is available for your specific property and borrowing scenario.
| Route | What qualifies you | What the project must satisfy | Typical use |
|---|---|---|---|
| Conventional, warrantable | Income, credit and assets under agency rules | The applicable agency review requirements, plus unit and borrower eligibility | A clean, well-run project |
| FHA, approved project or Single-Unit Approval | FHA borrower rules | Applicable HUD handbook requirements, approval path and effective dates | A project on FHA's list, or one unit inside an unapproved one |
| Portfolio or non-QM | Income and credit under the lender's own rules | The lender's own project review, not an agency warranty | Only issues the specific lender accepts; some projects remain ineligible |
| DSCR investment-property programs | Rental cash flow plus the lender's other borrower and loan requirements | The lender's own project review, plus rentability | An investor buying the unit as a rental |
How investment-property loan purpose affects the review
For an investment-property inquiry, tell the lender how the property will be used, including any personal or family use. Any offered investment program may restrict occupancy. Business-purpose status and program eligibility require separate review; this inquiry does not establish either. Regulation Z generally exempts credit primarily for a business or commercial purpose. The DSCR label alone does not decide that purpose, remove every other applicable law or establish project eligibility.
Consequently, the right starting point depends on who you are. If the purchase is genuinely an investment, start with how a DSCR loan qualifies a Las Vegas rental on its rent. If you intend to hold the unit in an entity, vesting a rental in an LLC covers the title question. For a primary residence in a project that simply fails one agency test, begin at what a non-QM loan is and at our non-QM lending page for Las Vegas.
If the project meets agency requirements, compare eligible options for the same loan scenario, including rate, fees and cash to close. Agency financing is not guaranteed to be cheapest in every case. Our conventional site has a Las Vegas condo guide; the local product page covers conventional loans in Las Vegas.
What does the non-warrantable route cost you?
Honestly, it varies more than any published table can capture. Nevertheless the drivers are knowable. Pretending otherwise would be the mistake. Lenders price portfolio and non-QM loans against the risk they intend to hold, so the same unit can draw different terms from different desks in the same week. What we can tell you is where the cost comes from, because those drivers are stable.
What moves the price on a non-warrantable condo
First, which test the project failed. A litigation flag on structural safety reads very differently from a project 2 percentage points short on reserve funding. Second, occupancy. A primary residence, a second home and a rental are three different risks. Third, the exit. A lender that intends to keep the loan prices it differently from one packaging it for sale. Fourth, documentation. A file with a current reserve study, a clean insurance certificate and a board that answers questions is simply easier to underwrite.
Order the resale package early and ask for the full reserve study, current insurance evidence and relevant inspection or repair records. Ask the manager about hotel operations and rental-pooling requirements. Confirm the actual document fees and timing in writing. These records help a lender evaluate the issue; they do not guarantee approval or a fixed two-week review.
What should you do before you write the offer?
Above all, work in this order, because each step feeds the next. It comes from the statutes and guides cited on this page, and each step exists because a later step depends on it.
Step 1. Name the project and check its status. Ask the lender to check the named project in the relevant agency tools and FHA's approval list. Fannie Mae's Unavailable status prevents sale to Fannie Mae; it does not decide eligibility for every lender or program.
Step 2. Get the resale package moving, through the seller. Ask the seller to have the owner or authorized agent request the association's package in writing. That starts the 10-calendar-day production period under NRS 116.4109. Ask for the full reserve study as well as its statutory summary.
Step 3. Read the declaration for hotel character. Look for rental pooling, profit sharing and restrictions on owner occupancy. Ask the lender to apply the relevant hotel and transient-use rules rather than infer eligibility from the building's appearance.
The four numbers, then the deadline
Step 4. Do the four arithmetic checks. Use the applicable commercial-space, ownership, delinquency and reserve rules, including their definitions and exceptions. A qualifying study is not a blanket reserve waiver. Check the January 4, 2027 reserve-minimum change against your application date.
Step 5. Price the repair line. Ask about safety, inspections, water intrusion and structural issues first. Compare qualifying unfunded work due within 12 months with the $10,000-per-unit trigger, but do not treat a lower amount as a safe allowance. Confirm whether critical repairs are actually remediated.
Step 6. Decide inside the five day window. Confirm the package receipt date and your contract deadlines. The statutory written-cancellation right generally ends at midnight of the fifth calendar day after receipt and is unavailable after conveyance. Seek advice promptly if the timing is uncertain.
These checks help you bring specific questions to the lender while there is still time to act. They do not replace underwriting or contract advice. The preapproval guide explains the borrower documents a lender may need alongside the project review.
Non-warrantable condos: FAQ
Non-warrantable condo basics
What makes a condo non-warrantable?
Non-warrantable usually means a project does not meet the requirements of the financing program being considered. The reason may involve operations, reserves, ownership, insurance, litigation or condition. It does not prove the individual unit is sound or the borrower is approved. Ask which specific requirement failed and under which program.
Can I still get a mortgage on a non-warrantable condo in Las Vegas?
Possibly, but the label alone cannot establish financing availability. A portfolio, non-QM or investment-property lender may apply different guidelines and still decline the project. The borrower, unit, occupancy and project all need review. Critical repairs, insurance gaps or litigation can remain disqualifying. No specific lender approval or program availability is promised here.
Condo hotels, the Strip, and the non-warrantable condo line
Is a Las Vegas condotel always non-warrantable?
If it genuinely operates as a hotel, yes. Fannie Mae makes a project ineligible when the association holds a licence as a hotel, motel, resort or hospitality entity. The same applies when the documents restrict an owner's ability to occupy the unit during any part of the year, when they require rental pooling, or when they require owners to share rental profits with the association or a management company. A second list adds transient use, registration services, daily or short-term rentals, daily cleaning and central key systems. It also adds hotel conversions, hotel branding in the name, and even a hotel rating from a booking site. FHA closes the same door from its side. 24 CFR 203.43b requires a project to be primarily residential and not intended for rental for transient or hotel purposes.
Does a project with short-term rentals automatically fail?
Not automatically, and the distinction sits in the documents. Fannie Mae treats mandatory rental pooling and profit sharing as disqualifying. It also disqualifies voluntary rental-pooling agreements that restrict an owner's use through blackout dates or occupancy limits. Advertisements for daily or short-term rates sit on the separate red-flag list, which calls for extra due diligence rather than an automatic denial. So a building where some owners happen to rent short term is a different case from a building whose declaration hands a management company control of the calendar.
Non-warrantable condo rules in Nevada
How do I check a Las Vegas condo's warrantability before I buy?
Start with the exact project name and the lender's review method. Ask the seller for Nevada's resale package, including the budget, reserve summary, legal-action statement and required insurance evidence. The association has 10 calendar days after the owner or authorized agent requests it in writing. Confirm current permitted fees rather than assume the statutory $185 base is today's flat cap. Written cancellation generally lasts through midnight of the fifth calendar day after receipt; it is unavailable after conveyance. The lender may need more documents before deciding eligibility.
What changed in Nevada's resale package on July 1, 2026?
One paragraph was added. The 2025 Legislature amended NRS 116.4109, so the resale package must now include proof of the insurance policies an association carries under NRS 116.3113. That matters to a condo buyer. Master insurance is one of the items a lender verifies on a project review, and the buyer now receives it as a matter of statutory right rather than as a favour.
Fixing a non-warrantable condo project
Can a condo project become warrantable again?
Several of the tests are curable. Delinquency falls when the association collects. Reserve funding rises when the board adopts a stronger funding plan. Critical repairs come off the list once the work is remediated, not when it is merely funded. Fannie Mae says a special assessment tied to an unremediated critical repair leaves the project ineligible, so the vote by itself does not help. Litigation ends when it ends. Structural facts like commercial square footage and the ownership mix are much harder to change. Hotel operation written into the declaration is harder still.
Does a bigger down payment make a non-warrantable condo warrantable?
A larger down payment does not change the project's underlying condition, operations or documents. Loan-to-value can affect available review methods and a lender's loan terms, but it does not waive an ineligible project characteristic. Any alternative still depends on the specific lender's borrower, unit and project requirements.
Source and eligibility limits
This guide was first published September 1, 2026. Project standards and permitted fees can change. The sources below explain the rules discussed here; they do not verify a particular building or an available Valley West program. Ask the lender to identify the current requirements for your application date.
About the publisher
Bring your condo questions to a lender
Share the project name and city, your intended occupancy and any known issue. We can discuss what needs to be reviewed next. Any financing option depends on the borrower, unit, project and the specific lender's requirements; a conversation is not an approval.
Discuss your condo scenarioAcross Valley West: Buyers whose project turns out to be perfectly warrantable will want the Las Vegas condo walkthrough on our conventional lending site. Investors sizing a unit as a rental can work through its checklist of what makes a property eligible in the first place. A condo owner also carries a walls-in policy on top of the association's master coverage, and that side sits with Valley West Insurance, our insurance agency.
Keep reading
- Non-QM lending in Las Vegas, start to finish
- What a non-QM loan is, in plain terms
- Conventional loans in Las Vegas
- Qualifying a rental on its own income
- Financing a Las Vegas short-term rental
- Holding the unit in an LLC
- Getting preapproved before you shop
Where the agency thresholds come from
- Fannie Mae Selling Guide B4-2.1-03, Ineligible Projects. Effective August 5, 2026 under Announcement SEL-2026-07. Source for the hotel and motel criteria, the 35 percent commercial space cap and the single-entity ownership limits. Also the litigation rule, the critical repair definition including the 10,000 dollar per unit test, the evacuation-order rule and the Condo Project Manager Unavailable status.
- Fannie Mae Selling Guide, Full Review Process. Effective August 5, 2026. Source for the 15 percent limit on units 60 days or more past due, on common expense assessments and on each special assessment. Also for the 10 percent replacement reserve test, its denominator of annual budgeted assessment income, the four income types excluded from it, and the reserve study that may be used in its place.
Fannie Mae Lender Letter LL-2026-03 explains reserve-study conditions and the 15 percent allocation minimum for applications dated on or after January 4, 2027. General Information on Project Standards explains the project-review framework. Freddie Mac has separate condominium unit mortgage FAQs and Condo Project Advisor FAQs.
The FHA regulation, and HUD's own page
- Electronic Code of Federal Regulations, 24 CFR 203.43b. Eligibility of mortgages on single-family condominium units, as published at 84 FR 41875 on August 15, 2019. Source for the primarily-residential and transient-use requirement, and for the ranges inside which HUD must set each figure by notice: 25 to 55 percent for the commercial space cap, 25 to 75 percent for the FHA concentration ceiling and 30 to 75 percent for the owner-occupancy floor. Also for the Single-Unit Approval conditions and its concentration caps.
- U.S. Department of Housing and Urban Development, FHA Condominiums. Source for the Condominium Project Approval Final Rule under docket FR-5715-F-02, published August 15, 2019. Also for the addition of Handbook 4000.1 sections II.A.8.p and II.C, and the October 15, 2019 effective date.
HUD Handbook 4000.1 Update 18, August 12, 2026: see its implementation instructions and the separate approved-project and Single-Unit Approval sections. Most changes become mandatory November 10, 2026, with early implementation permitted.
Nevada statutes cited above
- Nevada Revised Statutes 116.4109, resales of units, effective July 1, 2026. Source for the resale package contents at subsection 1, including the new paragraph (g) proof of insurance. Also for the five calendar day cancellation right at subsection 2, the 10 calendar day production deadline at subsection 3, and, at subsection 4, the certificate-fee base and permitted annual adjustment, the expedite fee, the electronic-delivery default and the per-page copying limits that apply only when electronic delivery is not possible.
- Nevada Revised Statutes 116.31152, study of reserves. Source for the reserve study at least once every 5 years, the annual review and funding-plan adjustment, and the permit requirement for the person conducting the study. Also for the identification of components with a remaining useful life under 30 years, and the 45 day filing of the summary with the Division.
The federal rule behind the DSCR route
- Electronic Code of Federal Regulations, 12 CFR 1026.3, exempt transactions. Source for the business-purpose exemption at paragraph (a)(1). The lender must determine actual loan purpose; the exemption does not remove every other applicable law or establish property eligibility.
Original publication: September 1, 2026. Confirm current project requirements, fees and effective dates before relying on this general guide.
This article is for general information and is not legal, tax or investment advice. Valley West Mortgage is an independent mortgage lender, NMLS #65506, licensed in Nevada. Equal Housing Opportunity. Valley West Mortgage is not affiliated with, or acting on behalf of or at the direction of, HUD, the FHA, the VA, Fannie Mae, Freddie Mac or any other government agency or government sponsored enterprise. Agency and HUD material is cited here only as published public guidance. Warrantability is determined project by project by the lender making the warranty, and a project's status can change. For investment-property inquiries, disclose any intended personal or family use. Business-purpose status and any occupancy restrictions require separate lender review. All figures on this page are illustrative. They are not an offer of credit, a rate quote, a preapproval or a commitment to lend, and program terms vary by lender and by project.
