The home buying process should be a smooth transition from start to finish. The most crucial part is getting pre-approved for a mortgage prior to shopping. This involves speaking with a local lender to ensure you know what price range you are comfortable with in regards to monthly payments. If you'd like the names of some local lenders, just reach out!

This is the most common in loans. Typically many buyers put 20% down to forego having to pay mortgage insurance but as little as 3% could be an options as well. You can use a conventional loan for you primary residence or second home or investment property.

FHA Loans are government backed loans and great for low down payment options. Buyers can put as little as 3.5% down and the credit score requirement is lower. The monthly mortgage insurance premium won’t fall off after 20% but refinancing could be an option down the road. There are minimus guidelines a home has to meet to be eligible for FHA approval.

**Not all condos are FHA eligible.

VA Loans are a great option for those in or have served in the military. There are specific eligibility guidelines for these loans and they must be used for only primary residences. A VA loan can be 100% financed with 0% down. There are minimum property standards that a house must pass. If you’re a Veteran, speak with a local lender to explore your options available to you.

** Not all condos are VA eligible. 

These loans are typically specific for oceanfront condos. The word condotel is a mash up between condo and hotel. Essentially these condominiums have a check-in desk on site which makes them classify as such, therefore these are unwarrantable condos and cannot receive traditional lending. They must be done with in-house or private lending. We have a handful of lenders that specialize in these products. 

In closing, it’s best to speak with you lender to discuss your current situation to see what type of loan might work best for you and your current situation. If you’d like a list of some recommended local lenders, call/text Olivia Leskoske at (803) 673-3311 today or email at olivia.leskoske@gmail.com

**Disclaimer: Mortgage guidelines vary, please reach out to a mortgage specialist in regards to each product as guidelines can change.