Mama Liz's Blog: Realtors: Tips For Purchasing A Condo In Charleston, South Carolina

Dear Charleston, SC Realtors,

If your client wants to purchase a condo you need to first find out what type of financing they have an approval for. If they are not yet approved encourage them to get approved quickly.

If they are approved for FHA, VA 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 they are approved for a Conventional Loan then they may be required to put down 10% depending on their credit scores and debt-to-income ratios. 99% of MI companies are no longer insuring condos for more that 90% LTV (which means 10% down is required).

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.

At Your Service,

Melissa "The Mortgage Maven" Breeland

Residential Mortgage of SC

902 Savannah Hwy

Charleston, SC 29407

Best Phone: (843) 991-6532

Fax: (843) 725-2363