Which loan options in Myrtle Beach fit you?

First, start with what you’re doing, not with the loan names. Here’s the short version.

Buying a home to live in

Most buyers here use a conventional loan or an FHA loan. If you’ve served, look at the VA loan first, because it’s usually the strongest option you’ll have.

Looking inland toward Aynor, Loris or the edges of Conway? Then check USDA eligibility before you rule it out. The eligible map reaches closer to town than people expect.

Buying for the first time? Then the first-time home buyer page covers what’s different about doing it here.

Self-employed or seasonal income

For instance, a lot of this economy runs on the tourist season. As a result, tax returns often understate what people really earn. A bank statement program qualifies you on your deposits instead.

Buying a rental or a second home

First, decide which one it is. In short, a second home is for you to use, and an investment property is for renting out. Because of that, they’re different loans, and the difference isn’t negotiable.

For example, a DSCR loan qualifies a rental on its own rent rather than your income. That’s why it often suits Grand Strand rentals.

You already own a home here

Above all, refinance only when the math works. If you need cash and can accept a new rate on the whole balance, a cash-out refinance does that. If you’d rather keep your current rate, a HELOC borrows against your equity instead.

What does this coast change about every loan?

Three things come up no matter which of these loan options in Myrtle Beach you pick.

• Condo buildings. A building has to be financeable, not just nice. So I check it before you write an offer.
• Coastal insurance. In fact, wind, hail and flood coverage count toward what you qualify for.
• Property taxes. South Carolina assesses a primary residence at 4% and a second home at 6%, and you have to file for the lower rate.

Still not sure which of the loan options fits you? Get pre-qualified and I’ll narrow it down in one conversation. Or browse every program below.

Loan options FAQ

What is the most common mortgage loan program in Myrtle Beach?

Conventional and FHA loans cover most purchases here. Veterans usually do best with a VA loan, and buyers in eligible inland areas should check USDA.

Can I get a mortgage on a Myrtle Beach condo?

Often, yes, but the building has to qualify. Each program has its own rules on condo projects, so I check the building before you make an offer.

Which loan works for a Grand Strand rental property?

An investment property loan or a DSCR loan. A DSCR loan qualifies the property on its rent instead of your personal income.

What if I’m self-employed or my income is seasonal?

A bank statement program qualifies you on your deposits rather than your tax returns. It was built for exactly that situation.

How do I know which program I qualify for?

Get pre-qualified. It’s a short conversation, and you’ll come out knowing which programs fit and what you can buy.