Classic Charleston Condos

Luxury Condominiums in the charleston area

FOR MORE INFO, Click on the names below:


Luxury Townhomes - Condos and/or Fee Simple

For information regarding litigation, lawsuits, regime fees, flood insurance, and capital reserves, please contact Marilynn directly. 843.478.6287

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Baker House
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ALL CONDO LOANS (Government, Fannie, Freddie, Condotel) now require H-06 coverage (“walls-in”/contents). The content policy premium has to be included with the escrow reserves.  Although the guidelines were updated back in December 2008 by Fannie and Freddie,  this was not something that was being enforced by the agencies or investors; however, it has made its way to a checklist and is being required.

MORE ON CONDO LOANS Many mortgages end up being sold to two government-sponsored corporations called "Fannie Mae" and "Freddie Mac" — officially the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.  These corporations bundle mortgages into securities that they resell to investors, a process that increases the capital available for mortgages.


Fannie Mae and Freddie Mac issue guidelines for mortgages that they are willing to purchase.  Many banks and loan companies follow these guidelines in making mortgage loans, in order to make sure they can resell the mortgages.


In the aftermath of the financial crisis, Fannie Mae and Freddie Mac tightened some of their guidelines for qualifying mortgages.  Both corporations now exclude mortgages for condominium projects that are involved in litigation involving the safety, structural soundness or habitability of the project, with certain exceptions.  Some banks have interpreted these guidelines to exclude mortgages covering condominiums with any pending litigation whatsoever.  If you need a local lender who holds its own loans and does not need to resell the loan, and therefore, can more easily approve local projects that they understand are good investments in spite of some reconstruction or litigation, please call.