After speaking with a lender yesterday that is interested in buying a condo in the Myrtle Beach area close to the ocean, a light bulb went off in my head. This lender is searching for a 2nd home condo in Surfside Beach or Garden City, and it searching for a condo that offers Homepath financing. The reason that Homepath is attractive for this individual is that the program only requires 10% down on a second home condo, and the homeowner is not required to pay PMI (Mortgage Insurance) on the loan. Secondly, many of the condo requirements traditionally required by Fannie Mae are waived (http://www.homepath.com/financing/index.html). Also, with Homepath financing no appraisal is required, saving you another $450.
Homepath financing is offered on Fannie Mae foreclosures, many of which are available in the Myrtle Beach area. You can find a list of foreclosures, by visiting the Myrtle Beach foreclosure section of this site. Then call 843-267-4627 to find out if that condo is a Fannie Mae property. Now, for the good news… many of the oceanfront condos in the Myrtle Beach area are nearly impossible to finance. With Homepath financing, it may be possible for you to buy now with as little as 10% down. I was told that this financing program allows for a buyer to purchase the units that are traditionally non-warrantable by Fannie Mae’s standards. This opens up yet another option for investors or 2nd home owners seeking out condotel financing.
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