Myrtle Beach Condo Buyers Be Prepared

If you are planning to obtain a mortgage when you purchase a condo be prepared to put down at least 25% or your mortgage will have additional fees.

Fannie Mae has implemented two new mortgage fees: Condo Buyers .75% add on fee and an additional 1.75% fee for Investors and they are applicable to loans that exceed 75% of the condo value. If you are able to pay at least 25% of the condo value the fees are not applicable.

Note: Loan-to-value may not be based on the purchase price, it will probably be based on the mortgage companies appraisal and appraisers are coming in with some low amounts based on the market.