R. Roy Dunn – Coastal Financing Guru RDunn@remn.com (843) 446-4663. Financing CONDOS in Myrtle Beach. March, 2013. Financing Condos in Myrtle Beach. The Spectrum of Condo Financing. Does the condo “HOTEL-LIKE NO. project offer AMENITIES”? YES. HOA stability issues:
project offer AMENITIES”?
25% down payment required
2nd homes are preferred
Investment properties have restrictions
Square footage > 750
> 500 eligible for reduced LTV
Credit score requirements
Liquid asset (reserves) requirement
Retirement funds not applicable
Rule of thumb – 10-20% of outstanding mortgages
Asset requirement is post-closing
25% down payment
ARMs – 3, 5, 7-year adjustment period
15 - year (.75% higher rate than ARM)
30 - year (roughly 7.5% rate…notvery popular!)
Reducing down payment requirement to 20%!
Reducing the level of liquid assets required for reserves!
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