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FHA-Approved Condos in Mount Pleasant, SC
Posted By: Alan Donald In: Mt Pleasant Real Estate MarketTags: mount pleasant, loan, condo, loan approval, fha, mount pleasant sc
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.
GREYSTONE AT SNEE FARM HIBBEN FERRY SANDPIPER POINTE WATERFORD EAST BRIDGE LOFTS BAY CLUB HOMES HERITAGE VILLAGE ETIWAN POINTE SUMMER'S BEND REMINGTON FOREST HERITAGE AT DUNES WEST TH...Read Full Post Comments: 0
Condo Loans Now Require HO6 Insurance
Posted By: Alan Donald In: MortgagesTags: mortgages, insurance, loan, condo
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.
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