Mortgage money has become non-existent for any
condos on the Myrtle Beach ocean front unless they are 750 heated square feet or more.
That means there is no mortgage money, even to qualified individuals with
the minimum of 25% down, and that is going to put more downward pressure on
prices since the only buyer right now is a CASH buyer.
Studio types and typical one bedroom floor plan condos can now only be sold for cash. Most 2 and 3 bedroom condos can still qualify for attractive loan programs though.
I'm searching for money but until the larger picture of getting the banks to
start lending again comes around, we are at a standstill for any purchases
made with a mortgage. I would have never dreamed all of this a few years
ago.........................
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