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South Carolina FHA Loans

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2020 South Carolina FHA Loan Requirements

South Carolina FHA Loan | Requirements | 2020 FHA Loan Limits

FHA loans provide a great opportunity to buy a home in South Carolina.  The FHA (Federal Housing Administration) was created to help the average American have a chance at owning their own home.  One of the reasons that FHA loans are so popular is because of the low down payment option.  FHA loans allow you to purchase a home with only a 3.5% down payment.  There are also less strict requirements to get an FHA loan (compared to conventional loans), such as being able to qualify with a credit score as low as 500.

South Carolina FHA Loan Requirements

Below are some of the basic requirements to get an FHA loan in South Carolina.  If you would like to find out if you are eligible for an FHA loan, we can help match you with a lender.  To have an FHA lender contact you, request a free consultation.

  • Credit Score – To qualify for the 3.5% down payment, you must have a 580 credit score or higher. If your credit score is between a 500-579, you still may qualify for an FHA loan, but will be required to put 10% down.
  • Job History – Proof of employment for 2 years is required. It is ok if you have changed jobs, but you need to show consistent employment/income.
  • Financial Statements – You should expect to be required to provide your 2 most recent bank statements, pay stubs, and tax returns.
  • Debt-to-Income – You can not have a debt-to-income ratio higher than 43%.  However, if you have “compensating factors” you might be able to get approved with higher debt levels (a compensating factor could be more money in savings, longer job history, or great credit).
  • Primary Residence – You must occupy the home that you intend to purchase and have it be your primary residence. FHA loans are not available to purchase an investment property, second home, or vacation home.
  • Mortgage Insurance – All FHA loans, regardless of the lender, require two types of mortgage insurance.  This includes the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium).  FHA MIP acts similarly to how PMI (Private Mortgage Insurance) on a conventional loan acts.  You can use this FHA loan calculator to estimate your monthly payment and mortgage insurance costs.
  • FHA Loan Limits – FHA loans have maximum lending limits, which are set at the county level. You can view the 2020 FHA loan limits for all counties in South Carolina below.

Would you like to see if you qualify for an FHA loan?  We can help match you with a mortgage lender that offers FHA loans in South Carolina.  To have an FHA lender contact you, request a free consultation.

2020 South Carolina FHA Loan Limits

Below are the 2020 FHA loan limits for every county in South Carolina:

County Single Family (1 Unit) 2 Units 3 Units 4 Units
ABBEVILLE $331,760 $424,800 $513,450 $638,100
AIKEN $331,760 $424,800 $513,450 $638,100
ALLENDALE $331,760 $424,800 $513,450 $638,100
ANDERSON $331,760 $424,800 $513,450 $638,100
BAMBERG $331,760 $424,800 $513,450 $638,100
BARNWELL $331,760 $424,800 $513,450 $638,100
BEAUFORT $350,750 $449,000 $542,750 $674,500
BERKELEY $391,000 $500,550 $605,050 $751,900
CALHOUN $331,760 $424,800 $513,450 $638,100
CHARLESTON $391,000 $500,550 $605,050 $751,900
CHEROKEE $331,760 $424,800 $513,450 $638,100
CHESTER $317,400 $406,300 $491,150 $610,400
CHESTERFIELD $331,760 $424,800 $513,450 $638,100
CLARENDON $331,760 $424,800 $513,450 $638,100
COLLETON $331,760 $424,800 $513,450 $638,100
DARLINGTON $331,760 $424,800 $513,450 $638,100
DILLON $331,760 $424,800 $513,450 $638,100
DORCHESTER $391,000 $500,550 $605,050 $751,900
EDGEFIELD $331,760 $424,800 $513,450 $638,100
FAIRFIELD $331,760 $424,800 $513,450 $638,100
FLORENCE $331,760 $424,800 $513,450 $638,100
GEORGETOWN $327,750 $419,550 $507,150 $630,300
GREENVILLE $331,760 $424,800 $513,450 $638,100
GREENWOOD $331,760 $424,800 $513,450 $638,100
HAMPTON $331,760 $424,800 $513,450 $638,100
HORRY $331,760 $424,800 $513,450 $638,100
JAPSER $350,750 $449,000 $542,750 $674,500
KERSHAW $331,760 $424,800 $513,450 $638,100
LANCASTER $317,400 $406,300 $491,150 $610,400
LAURENS $331,760 $424,800 $513,450 $638,100
LEE $331,760 $424,800 $513,450 $638,100
LEXINGTON $331,760 $424,800 $513,450 $638,100
MARION $331,760 $424,800 $513,450 $638,100
MARLBORO $331,760 $424,800 $513,450 $638,100
MCCORMICK $331,760 $424,800 $513,450 $638,100
NEWBERRY $331,760 $424,800 $513,450 $638,100
OCONEE $331,760 $424,800 $513,450 $638,100
ORANGEBURG $331,760 $424,800 $513,450 $638,100
PICKENS $331,760 $424,800 $513,450 $638,100
RICHLAND $331,760 $424,800 $513,450 $638,100
SALUDA $331,760 $424,800 $513,450 $638,100
SPARTANBURG $331,760 $424,800 $513,450 $638,100
SUMPTER $331,760 $424,800 $513,450 $638,100
UNION $331,760 $424,800 $513,450 $638,100
WILLIAMSBURG $331,760 $424,800 $513,450 $638,100
YORK $317,400 $406,300 $491,150 $610,400

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