Mortgage in South Carolina
There are few places as quaint and beautiful as those you will find in South Carolina. For example, Charleston is a lovely place filled with coffee shops, beaches, and other fun activities. While South Carolina used to have a lower cost of living than the U.S. average, that's not quite the case anymore. The median sales price in the state is now about $250,000 . Therefore, if you're looking to move to one of S.C.'s beautiful towns, you should check how much you might be looking at in a mortgage with our South Carolina mortgage calculator.
South Carolina Mortgage Calculator: You Have Choices
You might think all mortgages are the same, but they're not. There are three primary types of mortgages that current and prospective residents can obtain.
- South Carolina conventional mortgage: Conventional loans come in two subtypes: conforming and jumbo. With property prices being relatively low, many South Carolina loans are conforming, meaning you can have as little as 3% down and a credit score as low as 620. However, if you buy a more expensive home, you may need a 20% down payment plus some finances in reserves.
- South Carolina FHA mortgage: FHA loans are also popular in South Carolina. With an FHA mortgage, you can put as little as 3.5% down if you have a 580 or higher credit score. If you have a credit score between 500 and 580, you can still get a loan provided you have 10% down. FHA mortgages always require private mortgage insurance.
- South Carolina VA mortgage: If you're an active-duty military member or a veteran, you can get a mortgage backed by the VA. These loans require as little as 0% down with a credit score of 660+. These mortgages have no private mortgage insurance.
If you're thinking of becoming a homeowner for the first time, South Carolina has a few programs to help you stop renting and start owning!
First-Time Homebuyers in South Carolina
The South Carolina State Housing Finance and Development Authority administers a few programs to help prospective homebuyers acquire their first home.
This program offers families and individuals 30-year fixed-rate loans with competitive interest rates. Homebuyers can combine this loan with the down payment assistance program.
Eligibility Criteria: Income and purchase price limitations apply. Borrowers must have a credit score of 620 for some loan types and 640 for others.
Forgivable Down Payment Assistance
Depending on your eligibility, some buyers will receive assistance for closing costs and a down payment. This assistance comes in the form of a second mortgage. Depending on your income level, the term will either be ten years or 20 years at 0% interest with no monthly payments. After the ten or 20-year period is up, the state will forgive the loan.
Eligibility Criteria: You must meet the requirements for the Homeownership Program since this is an add-on program. Additional income and purchase price limitations apply.
South Carolina Mortgage Calculator: See What Living in the Palmetto State Might Cost
With beautiful beaches and a family-friendly environment, South Carolina is a lovely place to live and work. Use our South Carolina mortgage calculator to see how much owning a home in the Palmetto State will cost you!