Are you planning to purchase a condo in Murrells Inlet, SC and planning to finance that purchase?

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Are you thinking of making Murrells Inlet, South Carolina or one of the surrounding towns your home?

Let me help!

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Recently, Fannie Mae and Freddie Mac made changes that can affect condo purchases in Murrells Inlet, SC.

Previously, condo HOAs needed to allocate 10% of their annual budget toward maintenance, capital projects, etc., as a reserve fund. This percentage is now increasing to 15%. 

Also, if the down payment is 25% or more, lenders could conduct a limited review of the HOA. Now, all existing condos will require a full review by the lender. The lender checks things like budget, reserve funding, insurance, delinquency rate, pending litigation, special assessments and inspection reports.

What does this mean for you as a buyer in Murrells Inlet, SC looking to finance a condo?

Closing may take longer since lenders need to review more documents. Closings could move from 30 days to 45 days. Work a longer closing period into your timeline when purchasing a condo.

It’s important to see the HOA documents prior to making an offer, especially the budget. You can see if the HOA has adequately funded their reserve fund.

What questions do you have about buying a condo in Murrells Inlet, SC?

Whether you are ready to move to Murrells Inlet, Surfside Beach, Garden City Beach Litchfield Beach, Pawleys Island, North Myrtle Beach, Myrtle Beach, South Carolina or the surrounding inland towns like Conway, South Carolina, today or in 1+ years, call, text or email me so I can help you make a smooth move to the beach.

FREE RESOURCES:

🏡 Murrells Inlet Relocation Guide: https://kathyrukatsmith.myflodesk.com/murrellsinletsc
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✅ Website: https://murrellsinletproperties.com
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Kathy Rukat Smith, a Murrells Inlet, SC real estate agent with Palmetto Coastal Homes