Myrtle Beach Mortgage Advice, From Someone Who Lends Here

This is where I write down the answers to the questions I hear most. Most mortgage writing online covers everywhere, which means it covers nowhere in particular. The advice here is specific to this coast. Condo project approval. Wind and hail deductibles. The 4% legal residence exemption. Seasonal and self-employed income, and the loan programs that actually work in Horry and Georgetown counties.

And if you’d rather just ask me, please do. Those conversations are my favorite part of this job. The first-time buyer with a page of questions. The investor running numbers on a fourth property. The couple who’ve vacationed here twenty years and finally want an address of their own. No question is too small. I’d much rather answer it today than have you wonder for a month.

Start here: the Myrtle Beach mortgage advice people ask for most

Not sure where to begin? These four cover the questions that come up in almost every conversation I have here.

• Can you use a VA loan on a Myrtle Beach condo? — You can, but VA approves the building, not your unit. This one covers how to check a project before you write an offer. It also covers what to do when a building isn’t on the list, and why oceanfront rental programs usually end the conversation.
• Myrtle Beach condo financing and Fannie Mae’s rules — What makes a building financeable on a conventional loan, and what quietly disqualifies one. Two condos across the street from each other can get completely different answers.
• Getting a mortgage on seasonal or self-employed income — This market runs on a season. Here’s why a lender counts less income than your business actually made, and when a bank statement loan beats a conventional one.
• What underwriting really looks for — What underwriting actually examines once your file is in, so nothing catches you off guard.

New posts go up Monday, Wednesday and Friday. If your question isn’t here yet, tell me and I’ll write it.