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 . If you're looking to move to one of S.C.'s beautiful towns, estimate your monthly payment with our South Carolina mortgage calculator.

Mortgage Options in South Carolina

Not all mortgages are the same. Current and prospective South Carolina residents can choose from three primary types of home loans.

• South Carolina conventional mortgage: Conventional loans come in two subtypes: conforming and jumbo. Because property prices are relatively low, many South Carolina loans are conforming, meaning you can put as little as 3% down with a credit score as low as 620. If you buy a more expensive home, however, you may need a 20% down payment plus some cash 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+, and they carry no private mortgage insurance.

If you're hoping to become a homeowner for the first time, South Carolina has a few programs to help you stop renting and start owning!

First-Time Home Buyer Programs in South Carolina

The South Carolina State Housing Finance and Development Authority administers a few programs to help prospective homebuyers acquire their first home.

Homeownership Program

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

Eligible buyers can receive assistance with closing costs and a down payment. This assistance comes in the form of a second mortgage. Depending on your income level, the term will be either ten years or 20 years at 0% interest with no monthly payments. Once 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: Estimate Your Cost of Living in the Palmetto State

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!