A Few Good Changes in the Mortgage Industry Lately!
Posted by Mike Ciucci on
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…
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