Spanish Palms, the guard-gated condominium community at 5250 S. Rainbow Blvd., is approaching a significant milestone and is close to being 90 percent sold-out.
The community allows for Fannie Mae financing. This will give fixed-rate options to primary, second home and investment buyers that will further expand financing options.
Currently, Spanish Palms offers Veterans Affairs and Federal Housing Administration financing. FHA financing requires a minimal 3.5 percent down payment, a significant reduction from the traditional 15 to 20 percent rule of thumb. VA financing can enable active and retired military personnel to purchase a home with nothing down.
Primary homebuyers who qualify for Fannie Mae loans will be able to purchase with as little as 3 percent down. With the addition of Fannie Mae financing, the dream of home ownership becomes a reality for even more buyers, according to Uri Vaknin, a partner at KRE Capital LLC, whose company, in partnership with Dune Real Estate Partners, purchased Spanish Palms in 2013 as DK Las Vegas.
“Fannie Mae-backed loans provide a lifeline, facilitating loans for many buyers who might not have otherwise qualified,” Vaknin said.
“The benefits and advantages that come with three of the country’s best financing programs are difference-makers for potential buyers who lack sufficient cash for down payments but have incomes that can easily qualify them for a mortgage,” he said. “These programs, coupled with our experienced and friendly partners at The Federal Savings Bank, stand ready to assist buyers through every step of the application and approval process.”
Many homebuyers who discover Spanish Palms look no further when they learn about the community’s amenities and luxury lifestyle, available at unrivaled price points.
“With homes starting from $138,900, homebuyers usually find it hard to believe that our residences include upgraded appliances, granite countertops and even one- and two- stall garages, an amenity not typical for most condominium communities,” Vaknin said. “And as a 24-hour guard-gated community, Spanish Palms residents enjoy a sense of safety and security unrivaled by many other communities around the valley.”
Recently enhanced amenities at Spanish Palms include a fitness studio, private clubhouse for gatherings and parties and two resort-style pools.
The centerpiece of the community is Central Park, featuring lush and well-manicured landscaping with barbecue grills ideal for picnics and entertaining, plenty of shaded areas, a playground, putting green, gazebo and a pet park complete with an agility course. Located near the center of the valley, Spanish Palms is just minutes from the Strip and McCarran International Airport and is surrounded by popular restaurants, retail centers and neighborhood services.
Spanish Palms offers three floor plans ranging between 744 square feet and more than 1,131 square feet. Today, only 10 percent of its 372 homes are still available for purchase. For more information, call 702-619-600 or visit SpanishPalmsLV.com. The sales center is at 5250 S. Rainbow Blvd, No. 1055, and is open Monday through Friday from 10 a.m. to 6 p.m., Saturday 10 a.m. to 5 p.m. and Sunday from noon to 5 p.m.