A Few Good Changes in the Mortgage Industry Lately!

Posted by Mike Ciucci on Thursday, October 8th, 2009 at 9:06am.

save_money_247Yes, good news amid a slurry of seemingly bad news over the last year.  It seems that banks were tightening more and more as the year went on, but now we have a some great news.

Here in Charleston SC, Carolina One Mortgage is offering some changes to mix things up.  Condos and second homes now seem to be a little more affordable:

Condos:  Up until now, you had to put down 10% towards a condo purchase.  This has been shortened to 5%.  If you’re buying a $200K condo, that’s $10,000 less that you’d have to put down!  This is great news for first-time homebuyers who can still take advantage of the $8,000 tax credit.

Second Homes:  Here again, up until now you had to put down 20% towards the purchase of a second home.  Now you only need to put down 10%.  So if you’re purchasing a $400K second home, you will only need to put down $40K as opposed to the $80K you would have had to put down earlier.

This is great news in a relatively tight market.

For more information or questions on how to take advantage of this, please contact Joel Greer in my office with Carolina One Mortgage at (843) 414-2489, or at his website: www.JoelGreerLoans.com.

  Mike Ciucci Realtor

Mike Ciucci specializes in the Charleston SC real estate market.  He has been a Charleston realtor for over 15 years, focusing on quality and attention to detail his clients have come to expect.

Mike Ciucci
Carolina One Real Estate

Phone: 843.608.8378
Email: mike@buyingcharlestonrealestate.com

www.BuyingCharlestonRealEstate.com

3 Responses to "A Few Good Changes in the Mortgage Industry Lately!"

Myrtle Beach South Strand Real Esate wrote: Very good artcle as always. Keep it up

Posted on Sunday, October 11th, 2009 at 1:20pm.

Brian @ Blythewood SC Real Estate wrote: Getting a loan on a Condo has been tough in some markets. If there were ever a time to buy a condo in Charleston I'd say now is the time.

Posted on Monday, October 19th, 2009 at 6:18am.

Pawleys Island Real Estate wrote: This is great news for the Charleston area market and maybe it will blled over to the Myrtle beach market in maybe the second home investment market her. Keep up the great posts.

Posted on Friday, October 30th, 2009 at 6:41am.

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