Condo Neighborhoods in the Myrtle Beach area that have been approved for financing - MOST RECENT APPROVED LIST
This is an updated list of APPROVED condos in the Myrtle Beach area that FHA and Fannie Mae have agreed to lend money on. Over the last several months (year) financing on condos has gotten very strict. Financing on CONDOs has gotten SO strict to the point that FHA will only loan money on condos that they deem to be a low risk to lend money on. If you aren't familiar with FHA loans I will give you a short explanation.
FHA allows buyers to put down only 3.5% of the purchase price (3,500 for a $100,000 purchase) on their new home as opposed to conventional loans which require a 5% down payment. FHA loans are very popular among first time home buyers because of the low down paymnet option (which in some casescan be lower than a security deposit if you're renting). FHA makes it possible for buyers to own a home for cheaper than they would be paying for rent. Many folks are under the impression that FHA is only for first time home buyers. That statement is not true. ANYONE CAN FINANCE THROUGH FHA AS LONG as they are purchasing their new home as a primary residence and not a second home or investment property.
FIRST TIME HOME BUYERS - The $8,000 tax credit can be yours if you indentify a property that you would like to buy before the end of April 2010. Uncle Sam is basically paying you to OWN a piece of the American Dream. With the $8,000 credit it is truly cheaper to own as opposed to renting. If you are interested, be sure to call the area's first time home buyer experts JAKE LEE 843-240-0431 . Visit Jake on the web to browse listings www.SCRealEstatePartners.com or even make an offer online.
EVEN IF THIS IS NOT YOUR FIRST HOME OR CONDO YOU STILL QUALIFY FOR THE TAX CREDIT AS LONG AS YOU HAVEN'T OWNED A HOME OR CONDO IN THE LAST 3 YEARS. If you own a home currently and are purchasing a second home - If you have owned a home for 5 consecutive years you qualify for a $6,500 tax credit.
If you have any questions about these condos, would like a list of what's available for sale, or would like to purchase a property in the Myrtle Beach area call Jake Lee at 843-240-0431
Below is a list I have comprised for you of condo neighborhoods that are available for FHA financing. You can not get a loan on the condo if it isn't on this list. In Some neighborhoods not all of the buildings are approved. I have stipulated which buildings meet the requirements.
BAY MEADOWS CONDOMINIUMS MYRTLE BEACH, SC 29577
COURTYARD HOMES AT CASCADE MYRTLE BEACH, SC 29577 ***CONDOMINIUM BLDG 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18, 19,20,21,22&23
EGRET RUN PAWLEYS ISLAND, SC 29585 LOCATION: EGRET RUN LANE, PAWLEYS ISLAND (GEORGETOWN COUNTY)
GARDEN CREEK CONDOMINIUM MYRTLE BEACH, SC 29588 BLDGS APPROVED: 1-4,5,6,7,8,9,10,11,12 13-15
HAWTHORNE CONDOMINIUMS MYRTLE BEACH, SC 29579 ALL UNITS IN PHASES 1-4 ARE APPROVED.
HEATHERSTONE II MYRTLE BEACH, SC 29579 PHASE 1,BLDG 63;PHASE 2,BLDG 64;PHASE 3,BLDG 65;PHASE 4,BLDG 66; DEEDBOOK 3230,PAGE 2883.
SEA GARDENS CONDOMINIUM NORTH MYRTLE BEAC, SC 29582 CONDITIONS & COMMENTS: PROPERTY LOCATED AT THIRD AVENUE SOUTH; NO T APPROVED FOR TIMESHARE OR TRANSIT; MASTER FLOD INSURANCE POLICY REQUIRED FOR PROJECT
SHOREWOOD CONDOMINIUMS MYRTLE BEACH, SC 00000
VILLAS ON THE GREEN MYRTLE BEACH, SC 29575 RECERTIFIED 3/27/2011, LENDER TO ENSURE PROJECT MEETS 51% OWNER OC CUPANCY REQUIREMENT, CERTIFICATION MUST BE IN CASE BINDER.
WELLINGTON AT PALMETTO POINTE MYRTLE BEACH, SC 29588 PHASES 1-25 ONLY: 10-YR WARRANTY, C.O., OWNER OCCUPANCY AND FINAL INSPECTION REQUIRED IN EACH CASE BINDER SUBMITTED FOR MTG INSURANC E
WINDSOR GREEN CONDONINIUM MYRTLE BEACH, SC 29579 BLDGS 4904, 4913, 4919, 4920, 4923, 4924, 4925, 4929 & 4990 51% OWNER OCCUPANCY MUST BE IN EACH CASE BINDER.
WYNBROOKE CONDOMINIUM MYRTLE BEACH, SC 29577 PHASE IIA, IIB, IID, IIE THRU IIO
For updates on what condos are approved call Jake Lee at 843-240-0431