When purchasing a Branson condo or a Table Rock Lake condo, one of the major obstacles is the financing. Back a few years ago when Branson real estate was hitting it’s peak, there were no money down loans floated out there with Fannie Mae/Freddie Mac, but those are ancient history. Now you need all cash to make the purchase or at least a substantial down payment.
Getting a real estate project approved is a nightmare as the following items must be met; the project must be complete with 90% of the units sold and 51% owner-occupied, of course there should not be any nightly rental within the project and the common area and the project should have been turned over from the developer for more than one-year.
To be honest, I was a bit surprised the difference between the states is so little. This tells me that lending standards are tightening up, borrowers are having enough skin in the game to protect the banks from losing too much in Branson foreclosures, and that the lending environment is becoming healthier.
If you’d like to discuss the latest Branson Real estate market in more depth, I’d be happy to talk to you. Either visit us online or call Doug at 417-243-2210.