Loans on Condos in Charleston

Posted By Marshall Walker @ Aug 11th 2009 10:45am In: Mortgage

If a buyer wants to purchase a condo one must first find out what type of financing one has an approval for. If you are approved for FHA or FHA/SC State Housing then there are only 18 FHA approved condos in Charleston (you can check other Cities by searching here https://entp.hud.gov/idapp/html/condo1.cfm )

 

Name/Alias

Condo ID

Manufactured
Housing

City

State

Zip Code

Status

Field Office

ASHLEY TOWNE VILLAGE
ASHLEY TOWNE VILLAGE

C19900005  

No

CHARLESTON 

SC 

294140000

Approved

Columbia, SC

COLONY AT HERON RESERVE
SEE REMARKS FOR CONDITIONS

08461C004  

No

CHARLESTON 

SC 

294140000

Approved

Columbia, SC

DOVEFIELD CONDOMINIUM
SEE REMARKS FOR CONDITIONS

C19900024  

No

CHARLESTON 

SC 

294140000

Approved

Columbia, SC

ISLAND BLUFF TOWNHOUSES
ISLAND BLUFF TOWNHOUSES

C19900049  

No

CHARLESTON 

SC 

294120000

Approved

Columbia, SC

ISLAND CLUB TWO @ PENINSULA
SEE REMARKS FOR APPRVE PHASES

05461C001  

No

CHARLESTON 

SC 

294920000

Approved

Columbia, SC

LAKES OF NORTHWOOD ESTATES
LAKES OF NORTHWOOD ESTATES

09461C001  

No

CHARLESTON 

SC 

294060000

Approved

Columbia, SC

LORD ANSON ARMS
LORD ANSON ARMS

C19900053  

No

CHARLESTON 

SC 

294070000

Approved

Columbia, SC

MEPKIN PLACE
SEE REMARKS FOR CONDITIONS

08461C005  

No

CHARLESTON 

SC 

294070000

Approved

Columbia, SC

OTRANTO CLUB VILLAS III
OTRANTO CLUB VILLAS III

C199000581-3 

No

CHARLESTON 

SC 

294060000

Approved

Columbia, SC

PERRYCLEAR POINTE
PERRYCLEAR POINTE

C19900062  

No

CHARLESTON 

SC 

294070000

Approved

Columbia, SC

RICEFIELD VILLAS
RICEFIELD VILLAS

C19900064  

No

CHARLESTON 

SC 

294070000

Approved

Columbia, SC

RIVER'S BEND
RIVER'S BEND

C19900068  

No

CHARLESTON 

SC 

294120000

Approved

Columbia, SC

SEAGATE
SEAGATE

C19900072  

No

CHARLESTON 

SC 

294140000

Approved

Columbia, SC

SHAFTSBURY
SHAFTSBURY

C19900073  

No

CHARLESTON 

SC 

294120000

Approved

Columbia, SC

THE REGATTA ON JAMES ISLAND
SEE REMARKS FOR CONDITION

08461C009  

No

CHARLESTON 

SC 

294120000

Approved

Columbia, SC

THE RETREAT AT RIVERLAND WOODS
THE RETREAT AT RIVERLAND WOODS

03461C001  

No

CHARLESTON 

SC 

294120000

Approved

Columbia, SC

WATERWAY SOUTH, PH I,II,IV-A-V
WATERWAY SOUTH, PH I,II,IV-A-V

C19900102  

No

CHARLESTON 

SC 

294070000

Approved

Columbia, SC

WILLOW OAKS HORIZONTAL ***
WILLOW OAKS HORIZONTAL ***

07461C001  

No

CHARLESTON 

SC 

294140000

Approved

Columbia, SC

 

If you are approved for a Conventional Loan then you may be required to put down 10% depending on your credit scores and debt to income ratios. 99% of MI companies are no longer insuring condos for less that 90% LTV (10% down).

 

AND the condominium complex/project must have 75% owner occupancy. The home owners association might have this information readily available... most likely they do not. Occupancy changes on a regular basis so the lender will send them a Form 25 which the HOA will complete. If owner occupancy is at 75% or higher you should be OK. The Form 25 also asks about pending litigation...if there is any pending litigation...then the project will not be approved with traditional Freddie Mac or Fannie Mae financing.   

 

Under some circumstances the owner occupancy rate can be lower depending on credit scores of the buyer and the amount of down payment.  Each situation is different based on characteristics of the buyer, the project and the investor.


Share this Post:

Comments have been closed for this post.
Please contact us if you have any questions or comments.

Follow us on