I am pleased to announce that after several years of effort, and working with the Federal Housing Authority, the Department of Housing and Urban Development has APPROVED the Woodlake Villas community as an FHA Certified Condo Project.The designation is effective for three years thereby enabling Woodlake Villas to join just seven other condo projects on Hilton Head with this status.
There are a number of benefits that come with this FHA approval. In the current lending environment,
more than 50% of new home puyers plan on using FHA loan programs.With FHA approval, those home buyers can now get FHA loans (many of which are assumable) that previously may not have been available.With FHA approval, loans with lower down payments are possible. Additionally, with an increased pool of potential buyers comes higher competition, which historically has led to price appreciation. FHA Project Approval has also been associated with increased Owner Occupancy.