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Financing in Myrtle Beach : Real Estate Advice

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  • Local Info64
  • Home Buying297
  • Home Selling11
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Activity 22
Mon May 15, 2017
Christian.harper answered:
Christian Harper in Myrtle Beach with CrossCountry Mortgage (843)536-0340.
Manufactured homes, town homes, single family, and condos.

VA ... more
0 votes 3 answers Share Flag
Wed Aug 3, 2016
Dmkolin52 asked:
Tue Jul 26, 2016
Joe Borelli answered:
The FHA website has a complete list of approved lenders on its roster. It also allows you filter the results to just those lenders that have handled at least one 203k loan in the previous year. As there needs to be a lot of coordination during and after the loan process, you'll be better off working with a 203K lender locally.
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0 votes 7 answers Share Flag
Tue Dec 1, 2015
Brry answered:
I have condotel financing for investors 60% LTV cash out with no seasoning.

Barry Stricklin
Lexington Mortgage Funding
NMLS 221157
0 votes 9 answers Share Flag
Tue Nov 3, 2015
E_coast_girl asked:
Mon May 12, 2014
terzo711 answered:
Mike, My name is Richard Terzo, I am with Anchor Mortgage here in Myrtle Beach. I think you are getting some pretty good advice from the experts on this matter. Most of what I have read is correct. I can offer the fact that Anchor Mortgage works with over 40 lenders in the area, we offer a wider variety of programs than most. I can finance condo-tels with as little as 450 square feet. I also can provide 80% and even 89% loan to value in certain situations. If you find you can not receive or do not like the financing options you are presented, please contact me. I will be glad to assist you.

Richard Terzo
Branch Manager
Anchor Mortgage
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0 votes 8 answers Share Flag
Thu Mar 6, 2014
Anthony Schibilia answered:
Even Trulia which is one of the better consumer websites can produce some outdated information. Once you choose a Realtor to connect with, you should get much better real time listings to facilitate your search. ... more
0 votes 6 answers Share Flag
Tue Feb 4, 2014
terzo711 answered:
Anchor Mortgage Llc offers several programs for financing Condotels. Anchor represents over 40 banks in the area and can find the best and most affordable program to help with all of your financing needs. We can even finance condotels under 750sqft. Contact Richard Terzo, Branch Manager NMLS#1017874 at 843-503-3023 or ... more
0 votes 3 answers Share Flag
Tue Dec 17, 2013
Jason Haynes answered:
It's my understanding that to prevent predatory lending, Owner financed properties will have to be structured over a term starting in 2014. I'm not positive if there will be any specifics relating to rates. ... more
0 votes 7 answers Share Flag
Wed Jul 3, 2013
colleenfremont answered:
we would like to refinance our double wide home and we have a very good and very clean credit report, but back in August of 2011 we were advised to go with consolidated credit counseling services, Inc. to pay off credit cards and unsecured debt to get our debt to credit ratio in order. So
from 2011 until date we have reduced the unsecured debt by about $14,000 but still have another
$23,000 to go which will take us until the end of 2014. Our current loan is with a bank in NJ at 7.5
interest rate and we owe on our home $88,000. my credit score is at 747 with Experian and 689 with Transunion. My husbands score is in the low 700's We also have our car payment with USAA at low interest rate of about 3 percent Would a potential company refinance our home and also cash out
so we could pay off the low interest rate credit balances which would total about $12,000. The cash out would really change our credit to debt ratio by a large amount. Is it wise to seek a potential lender
based on the info presented. Colleen Fremont.
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0 votes 6 answers Share Flag
Thu Jun 6, 2013
George Raymondo answered:
We have only one Investor out of 12 that we sell our loans after funding that allows a short pay refi. The process is relatively similar to a short sale, but instead of selling your home you will just offer the bank a reduced payoff based on the current market value and on the basis of your particular hardship (increased size of family) and ability to refinance (97%). I have done several of these, but they are a pain in the backside. You first need to request a Hardship Package from your current lender. The rest can be handled by an experienced Loan Officer, hopefully you can find someone that is licensed in your state (SC) that has a proven track record of funding these.

Best of Luck!
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0 votes 2 answers Share Flag
Sat May 18, 2013
Patrick Graw answered:
There are some great suggestions in here as to comparable properties, however, in order to provide you with some additional options...I have a few questions of you before suggesting other properties. Those would include whether you intend to place your property into a rental program, how often you might use it yourself, what type of gross monthly rental income are you looking for or do you plan to keep it out of a rental program altogether? We can discuss this more privately if you would prefer. IF so, please feel free to contact me and I'll share with you some high-end properties that can provide positive cash flow to you as well as offering fixed conventional financing!!!
Thanks for your inquiry.

Pat Graw
Oceanfront Guru Real Estate
7508 N. Kings Highway
Myrtle Beach, SC
843-504-4588 cell
866-262-3866 toll free
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0 votes 5 answers Share Flag
Sat May 18, 2013
Patrick Graw answered:
Not sure I fully understand your question...and would need more details of your situation before attempting to guide you in your decision-making process. If you'd like, please give me a call this week to discuss your specific needs and we'll talk about various alternatives.

Pat Graw
Oceanfront Guru Real Estate
7508 N. Kings Highway
Myrtle Beach, SC
843-504-4588 cell
866-262-3866 toll free
... more
0 votes 1 answer Share Flag
Tue Oct 2, 2012
Annette Lawrence answered:
Financing a condo requires a near miracle.
The complications stretch far beyond the horizon.
You really need to chat with a professional to get a grip of the situation. Have them research how other recent sales were completed. This is the easiest way to know if you've entered a dead end.
It just might be IMPOSSIBLE to get a mortgage.
The biggest problem that no one can admit is a low price point.
After all, this is a business, not a hobby.
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0 votes 5 answers Share Flag
Mon Jul 30, 2012
Mike & Sandy Quast answered:
Their are so many different home loan programs out there! The best idea is to speak with a lender to get pre-qualified for a home. To give you a better idea of the homes available and to request a no obligation lender quote, you can go to our website and do a home search by looking directly through our MLS and also contact a local lender through the website. ... more
0 votes 5 answers Share Flag
Fri May 18, 2012
Jennifer Mullen answered:
Have you asked the company who is the servicer of your loan? Do you know who the investor is for the loan? Fannie Mae and Freddie mac both have loan look up tools on their websites. I would try there if you can't get a clear answer from the servicer as the decision will probably be made by the investor rather than the servicer. ... more
0 votes 1 answer Share Flag
Tue Mar 20, 2012
Alan Openshaw asked:
I have a very good client that has a condo in Myrtle Beach looking to refinance. I just refi'd their primary so I have a complete package. Looking to refer to a local lender to close…
0 votes 0 Answers Share Flag
Wed Jun 15, 2011
Lisa Belcher answered:
Would be more than happy to answer an questions you may have regarding financing the Myrtle Beach area....or connect you with a lender and realtor in the California area as well....What information are you looking for? ... more
0 votes 3 answers Share Flag
Thu Jan 6, 2011
Sunnyview answered:
I have not heard of HomeStep before, but if you are looking for a HomePath lender, HUD has a list of lenders by state and they may have information on other programs too. Hope it helps. ... more
0 votes 1 answer Share Flag
Thu Nov 25, 2010
Jason Morris answered:
I agree with you - right now is a great time to buy ocean front. The biggest problem most people have is many of the ocean front condos in the Myrtle Beach market are considered condo-tels. The short definition of a condotel is a building that the units are individually owned (like condos) but it operates like a hotel (meaning you can rent rooms by the day/night).

If you only have a small down payment your best option may be to looking for buildings that are not condotels. There are also great off the beach options that you may be able to get financing for with lower downpayments.

The best next step is to talk to a lender and see what you qualify for

Jason Morris
Exite Realty Elite
... more
0 votes 1 answer Share Flag
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