Are You Looking To Purchase A Condo For Your Clemson Student

Dated: 12/05/2014

Views: 838

Helpful guidelines for parents of Clemson students who want to purchase a condo in the Clemson area.  
 
 The following guidelines apply:
o    Child must be enrolled in college (documentation validating current enrollment is required)
  
o    Subject property must be within a reasonable proximity to the university that the child is attending
 
o    Property must be a reasonable distance from the parent’s home in order to be classified as a true second home. The subject property can provide the parents a place to stay while visiting the campus, but it will be the child’s primary residence
o    Property cannot be rented and it must be occupied by the child for a minimum of one year
o    Borrowers may not own additional second/vacation homes in the same locale
o    A letter from the borrower describing the purpose is required
o    Property must be registered, underwritten and priced as a second/vacation home
o    Parents will apply and qualify for the loan. The child is not an applicant and does not factor into the qualifying for the mortgage
o    Parents own the property. If the child is of legal age, the child may join the parents on the title, but it is not required

Information provided by: 
Sue Ann Gothman, 
Senior Mortgage Banker
Bank South Mortgage
EMail:    [email protected]
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Lori Crovello

Lori is an accredited Interior Decorator (since 2007) and also brings 25 years of training/facilitation experience to the table. With the combination of these services, she can transition your home t....

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