If you are looking for an ocean front condo in a large resort - MUST SEE
There are only 2 Banks in the area that are still doing these loans that I know of. Those banks are Crescent Bank and RBC Centura Bank.
Oceanfront Condo-tel program:
- 2nd home classification
- Minimum of 750 square feet
- Kitchenette that includes at least a two burner cook-top and refrigerator
- CANNOT own any other property in Myrtle Beach in order for 2nd home classification
- 30 day locks
Credit Score | 3/3 ARM | 5/5 ARM | 3/3 Interest Only ARM | 5/5 Interest Only ARM |
790 | 7% | 7.25% | 7.125% | 7.375% |
760 | 7.125% | 7.375% | 7.25% | 7.5% |
710 | 7.25% | 7.5% | 7.375% | 7.625% |
690 | 7.5% | 7.75% | n/a | n/a |
660 | 7.75% | 8% | n/a | n/a |
- 20% down minimum
- ½ point origination
- Can either choose a 3 year fixed, or 5 year fixed. All loans are amitorized over 30 yrs.
- MUST VERIFY INCOME AND ASSETS (can state income OR assets, not both, for .375% increase in rate)
- NO HOTEL CONVERSIONS ALLOWED
- Can go as little as 10% down with credit scores above 760 (in yellow)
If you are interested in purchasing an oceanfront condo please contact Jake Lee 843-240-0431 of www.SCRealEstatePartners.com to start looking today!