New Condotel Financing in Myrtle Beach for 2016

Condotels are properties operated like hotels which include registration desks and various hotel-like amenities such as a cleaning service. Condotels can be advantageous in that they provide rental income, good appreciation value, and vacation getaways.

ACMG offers Adjustable-Rate Mortgages (ARMs) of 3/1, 5/1 and 7/1 for Purchase, R&T, and C/O Refinance on a Minimum loan amount of $100,000 and Maximum loan amount of $500,000. We consider applicants with a credit score down to 680 having a maximum debt-to-income ratio of 40% and owning a primary residence with a 75% LTV. The Condotel must possess a full kitchen and separate bedroom and no efficiencies are allowed. Reserves can be retirement funds and require 3 months PITI on all properties owned after downpayment and closing costs. Applicant must have 5 trade lines and 3 active on credit and those self-employed need to provide 2 years of personal and business returns (all schedules). Rental income is allowed on 2nd homes and a large percentage of investor concentration, commercial use and time shares in complex are acceptable. The questionnaire must be completed in full to be accepted.

  • Arm: 3/1, 5/1, & 7/1
  • Purchase, R & T, and C/O Refinance
  • Full documentation only
  • Mininum credit score is 680
  • Maximum debt to income ratio is 40%
  • Must own a primary residence
  • 75% LTV
  • $500, 000 Maximum loan amount
  • $100, 000 Minimum loan amount
  • Full kitchen and separate bedroom
  • No efficiency
  • Reserves: 3 months PITI on all properties owned after down payment and closing costs
  • Reserves can be retirement funds
  • Have 5 trade lines and 3 active on credit
  • Self-employed needs 2 years of personal and business returns (all schedules)
  • Rental income is allowed on 2nd homes
  • All questionnaire must be fully completed
  • Large percentage of investor concentration, commercial use, and time shares in complex is acceptable.

To learn more simply call 843.444.LOAN or Click Here To Apply Now