Yes, 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 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.