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
- EAST BRIDGE LOFTS
- BAY CLUB HOMES
- HERITAGE VILLAGE
- ETIWAN POINTE
- SUMMER'S BEND
- REMINGTON FOREST
- HERITAGE AT DUNES WEST
- THE LEGENDS
If you are trying to purchase a condo using an FHA loan and the condo development is NOT in the current approved list, the loan will NOT be approved!
However, being on this list does not automatically guarantee you can get a loan to purchase a condo in this development. There are generally three issues that lenders look at IN ADDITION to being on this list:
- Litigation - is the HOA in any kind of litigation?
- Delinquency rates - with all the foreclosures and short sales, is the HOA well funded?
- Investor concentration - what is the percentage of investor-owned units to owner-occupied?
For more information on purchasing a condo or townhome in Mount Pleasant, SC please contact us today! We can guide you through the fog!
Please contact us if you have any questions or comments.