FHA-Approved Condos in Mount Pleasant, SC

An issue that has derailed more than one condo purchase transaction is the eligibility that a particular condominium project has for FHA mortgage insurance. According to the HUD (Department of Housing and Urban Development - where FHA is housed): "A condominium project must be approved before applications for FHA mortgage insurance can be processed for individual units."

Here is the current list of APPROVED condominium projects in Mount Pleasant, SC. 

Mount Pleasant CONDO & TOWNHOME Market: Still a Buyer's Market!

The real estate market for condominium and townhome (single family attached) properties in Mount Pleasant is slowly getting better, but is still very much a Buyer's market. 

During the last 12 months inventory declined from 370 units to 288 units. While we are currently sitting at around 11 month's inventory (compared to 23 months' inventory 2 years ago), the basics of supply and demand dictate that property prices are still experiencing downward pressure (this trend will continue until we get to a 6-month inventory level, which is considered a "neutral market").

Many condominium and townhome communities have also been a...

Condo Loans Now Require HO6 Insurance

All CONDO LOANS, including those backed by the government, Fannie Mae & Freddie Mac, now require the buyers to purchase HO6 (contents/wall-in) insurance, and require the premiums to be included with the escrow reserves.

Although these guidelines were published back in 2008 by these agencies, it had never been enforced by them until now. Fannie, Freddie and other investors are now requiring this coverage.