South Carolina FHA Loan | Requirements | 2023 FHA Loan Limits
FHA loans have turned to be the best ever opportunity to help any average American buy a home in South Carolina. The FHA (Federal Housing Administration) runs on the sole purpose of making home buying simpler and easier with simplified rules, lower down payments at 3.5% and low credit score of 500.
South Carolina FHA Loan Requirements
Given below are some of the most basic yet crucial requirements to be able to qualify for the FHA loans in South Carolina. If you wish to test your eligibility for an FHA loan, we can help you with this and get a perfect matching lender. To let a reliable FHA lender contact you, request a free consultation.
- Credit Score– In order to qualify as a borrower for 3.5% down payment under the FHA loan, you need to hold a credit score of 580 or higher and for 10% down payment, you need to hold a credit score in between a 500-579.
- Job History – To qualify under the FHA loans, your need to produce your consistent 2 years proof of employment. However, changing of jobs is fine but should have a record or proof of consistent employment/income.
- Financial Statements– As per the financial terms, an individual needs to produce sufficient financial statements to validate their robust finances. This should include last two recent bank statements, your pay stubs, and the tax returns.
- Debt-to-Income– To qualify for the FHA loans, you cannot hold a debt-to-income ratio higher than 43%. In case of higher debt levels, too exceptions can be made under “compensating factors” that includes higher money in ones savings, longer and consistent job history, or bearing a great credit score.
- Primary Residence– To qualify as a borrower, one needs to buy the house only for the sole purpose of living and consider the property as their primary residence. FHA loans do not back the purchase of any kind of investment property, second home, or vacation home.
- Mortgage Insurance– Even though, you have qualified for the FHA loans, you need to back it with a suitable mortgage insurance, regardless of the lender. Mainly, two types of mortgage insurances are available for this purpose- the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium). You can also use this FHA loan calculator to keep an estimate of your monthly payment and mortgage insurance costs.
- FHA Loan Limits– Every county sets a particular limit as the maximum lending limit for the FHA loans. For this, you need to check the list of FHA loan limits set for all counties in South Carolina as mentioned below.
Do you wish to check if you qualify for an FHA loan or not? We can help you qualify and find the most suitable match for your required FHA loans in South Carolina. To let an FHA lender contact you, request a free consultation.
2023 South Carolina FHA Loan Limits
Below are the 2023 FHA loan limits for every county in South Carolina:
| County | Single Family (1 Unit) | 2 Units | 3 Units | 4 Units |
|---|---|---|---|---|
| ABBEVILLE | $472,030 | $604,400 | $730,525 | $907,900 |
| AIKEN | $472,030 | $604,400 | $730,525 | $907,900 |
| ALLENDALE | $472,030 | $604,400 | $730,525 | $907,900 |
| ANDERSON | $472,030 | $604,400 | $730,525 | $907,900 |
| BAMBERG | $472,030 | $604,400 | $730,525 | $907,900 |
| BARNWELL | $472,030 | $604,400 | $730,525 | $907,900 |
| BEAUFORT | $485,300 | $621,250 | $750,950 | $933,300 |
| BERKELEY | $538,200 | $689,000 | $832,850 | $1,035,000 |
| CALHOUN | $472,030 | $604,400 | $730,525 | $907,900 |
| CHARLESTON | $538,200 | $689,000 | $832,850 | $1,035,000 |
| CHEROKEE | $472,030 | $604,400 | $730,525 | $907,900 |
| CHESTER | $472,030 | $604,400 | $730,525 | $907,900 |
| CHESTERFIELD | $472,030 | $604,400 | $730,525 | $907,900 |
| CLARENDON | $472,030 | $604,400 | $730,525 | $907,900 |
| COLLETON | $472,030 | $604,400 | $730,525 | $907,900 |
| DARLINGTON | $472,030 | $604,400 | $730,525 | $907,900 |
| DILLON | $472,030 | $604,400 | $730,525 | $907,900 |
| DORCHESTER | $538,200 | $689,000 | $832,850 | $1,035,000 |
| EDGEFIELD | $472,030 | $604,400 | $730,525 | $907,900 |
| FAIRFIELD | $472,030 | $604,400 | $730,525 | $907,900 |
| FLORENCE | $472,030 | $604,400 | $730,525 | $907,900 |
| GEORGETOWN | $472,030 | $604,400 | $730,525 | $907,900 |
| GREENVILLE | $472,030 | $604,400 | $730,525 | $907,900 |
| GREENWOOD | $472,030 | $604,400 | $730,525 | $907,900 |
| HAMPTON | $472,030 | $604,400 | $730,525 | $907,900 |
| HORRY | $472,030 | $604,400 | $730,525 | $907,900 |
| JASPER | $485,300 | $621,250 | $750,950 | $933,300 |
| KERSHAW | $472,030 | $604,400 | $730,525 | $907,900 |
| LANCASTER | $472,030 | $604,400 | $730,525 | $907,900 |
| LAURENS | $472,030 | $604,400 | $730,525 | $907,900 |
| LEE | $472,030 | $604,400 | $730,525 | $907,900 |
| LEXINGTON | $472,030 | $604,400 | $730,525 | $907,900 |
| MCCORMICK | $472,030 | $604,400 | $730,525 | $907,900 |
| MARION | $472,030 | $604,400 | $730,525 | $907,900 |
| MARLBORO | $472,030 | $604,400 | $730,525 | $907,900 |
| NEWBERRY | $472,030 | $604,400 | $730,525 | $907,900 |
| OCONEE | $472,030 | $604,400 | $730,525 | $907,900 |
| ORANGEBURG | $472,030 | $604,400 | $730,525 | $907,900 |
| PICKENS | $472,030 | $604,400 | $730,525 | $907,900 |
| RICHLAND | $472,030 | $604,400 | $730,525 | $907,900 |
| SALUDA | $472,030 | $604,400 | $730,525 | $907,900 |
| SPARTANBURG | $472,030 | $604,400 | $730,525 | $907,900 |
| SUMTER | $472,030 | $604,400 | $730,525 | $907,900 |
| UNION | $472,030 | $604,400 | $730,525 | $907,900 |
| WILLIAMSBURG | $472,030 | $604,400 | $730,525 | $907,900 |
| YORK | $472,030 | $604,400 | $730,525 | $907,900 |