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:

Posted by Mike Ciucci on


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Very good artcle as always. Keep it up

Posted by Myrtle Beach South Strand Real Esate on Sunday, October 11th, 2009 at 1:20pm

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 by Brian @ Blythewood SC Real Estate on Monday, October 19th, 2009 at 6:18am

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 by Pawleys Island Real Estate on Friday, October 30th, 2009 at 6:41am

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