Section 37-22-190 of Title 37 (Ch. 22) of the South Carolina Consumer Protection Codes states a security interest in a borrower’s principal dwelling cannot be less than $5,000. CBC Mortgage Agency requires that Chenoa Fund second liens must conform to all federal and state laws. Therefore, CBCMA is unable to accommodate transactions where the borrower’s minimum required investment does not meet the $5,000 minimum – this is typically the case for transactions involving a purchase price of less than $143,000.
CBC Mortgage Agency continues to work through legal channels for direction on how we can accommodate lower purchase prices and will provide an update when available.